As part of the transaction, Keystone Clearwater Solutions will form a strategic partnership with Hydro Recovery LP, a water treatment, recycling and transportation company
SC Water, LLC, a Pennsylvania-based natural gas and oil industry investment group, has signed a Membership Interest Purchase Agreement to acquire Keystone Clearwater Solutions from American Water Works Company, Inc. (NYSE: AWK). The acquisition of Keystone Clearwater Solutions, a specialized water management firm serving the Appalachian Basin’s natural gas and oil industry, is expected close by the end of 2019.
As part of the transaction, Keystone Clearwater Solutions will form a strategic partnership with Hydro Recovery LP, a water treatment, recycling and transportation company. The strategic partnership – with Hydro Recovery having common ownership with SC Water – will create an industry-leading portfolio of water-related and environmental solution services for natural gas and oil companies operating across the Appalachian Basin.
“This transaction and strategic partnership between Keystone Clearwater Solutions and Hydro Recovery will return Keystone to a natural gas and oil industry focused ownership group while enhancing our combined companies’ abilities to provide the critical services demanded by the industry,” said Keystone President and CEO Dan Dalton. “We look forward to continuing to provide our customers with superior service and are excited about our ability to bring an expanded portfolio of tailored water solutions to meet and exceed their evolving needs.”
“This partnership reflects Hydro Recovery’s commitment to providing our natural gas and oil industry customers with a deep portfolio of water solution services that meet their unique needs,” said Hydro Recovery CEO Thomas Stabley. “Hydro Recovery is ideally positioned to operate and continue to grow alongside Keystone Clearwater Solutions. I look forward to working with the Keystone team to continue to build our competitive advantage focused on first-rate customer service.”
Source: Company Press Release