Canada Pension Plan Investment Board’s $750 Million Investment In Aqua America


Simpson Thacher represented Aqua America, Inc. (NYSE: WTR) in connection with an approximately $750 million investment by Canada Pension Plan Investment Board (CPPIB), through which CPPIB will acquire approximately 21.7 million newly issued shares of Aqua America’s common stock.

The investment is an important step in Aqua America’s obtaining permanent financing for its pending acquisition of Peoples, a natural gas distribution company serving customers in western Pennsylvania, West Virginia and Kentucky. The investment is expected to close concurrently with, and contingent upon, the Peoples acquisition.

Aqua America is the second-largest publicly traded water and wastewater utility based in the U.S. and serves over three million people in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana and Virginia.

CPPIB is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits in the best interests of 20 million contributors and beneficiaries.

The Simpson Thacher team included Roxane Reardon (Picture), Matt Hart, Benjamin Heriaud, Will Hong and Evan Zuckerman (Corporate); Janice Brunner (PCAP); Rob Holo, Marcy Geller and Jasmine Hay (Tax); David Rubinsky, Patricia Adams and Caitlin Fitzgerald (Executive Compensation); Peter Guryan, Kelly Karapetyan and Kenneth Ehrhard (Antitrust); Michael Isby (Environmental); and Lori Lesser and Genevieve Dorment (Intellectual Property).

Involved fees earner: Patricia Adams – Simpson Thacher & Bartlett; William Beom Hong – Simpson Thacher & Bartlett; Janice Brunner – Simpson Thacher & Bartlett; Kenneth Ehrhard – Simpson Thacher & Bartlett; Caitlin Fitzgerald – Simpson Thacher & Bartlett; Marcy Geller – Simpson Thacher & Bartlett; Peter Guryan – Simpson Thacher & Bartlett; Matthew Hart – Simpson Thacher & Bartlett; Jasmine Hay – Simpson Thacher & Bartlett; Benjamin Heriaud – Simpson Thacher & Bartlett; Robert Holo – Simpson Thacher & Bartlett; Kelly Karapetyan – Simpson Thacher & Bartlett; Roxane Reardon – Simpson Thacher & Bartlett; David Rubinsky – Simpson Thacher & Bartlett; Evan Zuckerman – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Aqua America, Inc.;

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Author: Ambrogio Visconti