ALLETE To Sell U.S. Water Services To Kurita Water Industries For $270 Mln

(RTTNews) - ALLETE, Inc. (ALE) announced it has entered into a stock purchase agreement providing for the sale of U.S. Water Services, Inc. to Kurita Water Industries Ltd., water management company headquartered in Tokyo, Japan, for $270 million.

The purchase price is subject to adjustment at closing, such as for changes in working capital.

The transaction is expected to close by the end of the first quarter 2019 upon receipt of regulatory approval.

ALLETE said it will announce its financial results for 2018 in a press release before the stock markets open on Thursday, February 14, 2019