Essen, Germany-Based Utility Company Buys Parent of Illinois Water Company.

Byline: Steve Tarter

Sep. 18--PEORIA, Ill.--The issue of who should own the Illinois-American Water Co. has moved in a new direction -- to Germany.

RWE, an international conglomerate based in Essen, Germany, with holdings in electricity, natural gas and waste management operations, has acquired the American Water Works Co., parent company of Illinois-American, which provides service to 90 Illinois communities, including Peoria, Pekin and Lincoln.

The proposed transaction, which is expected to take more than a year to complete, has a total value of $7.6 billion, including the assumption of about $3 billion in outstanding American Water debt.

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