American Water Works and Essential Utilities to Merge in All-Stock Deal Worth Almost $40B

American Water Works and Essential Utilities are merging in an all-stock deal that will create a public water utility worth about $40 billion.

The combined company, which will use the name American Water, will have about 4.7 million water connections across 17 states and on 18 military installations, from Hawaii to Pennsylvania.

Essential shareholders will receive 0.305 shares of American Water for each share of that they own. American Water shareholders will own about 69% and Essential shareholders will own approximately 31% of the combined company once the merger is complete.

Read more at AP News