American Water has re-cast itself as a pure-play regulated water utility after agreeing to sell its Homeowner Services business (HOS) to private equity house Apax Partners for $1,275 billion. Together with the sale of its regulated water operations in the states of New York and Michigan, the deal will leave American Water with regulated water assets in 14 states, and a portfolio of 17 'regulated-like' military privatisation contracts. The proceeds from the HOS sale will be re-deployed into the company's regulated water business as part of a re-energised growth plan - revealed at the company's investor day on 3rd November - which envisages $28-32 billion of investment between 2022 and 2031.
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