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ALLETE, Inc. announced that its subsidiary, Florida Water Services Corp., sold its water and wastewater system serving Duval County, Fla., to the Jacksonville Electric Authority for approximately $25 million, pending regulatory approval.
Florida Water Services, an investor-owned utility system in Florida, has been in the process of selling its assets. Approximately 90 percent of Florida Water assets have been sold or are under contract to be sold for $442 million, which represents an after-tax gain to Florida Water, net of all selling and transaction costs, of about $85 million.
To date, the expected net cash proceeds after transaction costs, retirement of most Florida Water debt, and payment of income taxes are approximately $260 million. Net proceeds from the sale will be used to retire debt at ALLETE.