On March 21, 2014, the City of Westfield, Indiana, closed the sale of its water and sewer utilities to Citizens Energy Group for $91 million. Our firm served as lead deal counsel for the city during the nearly two-year process.
The team managed the request for proposal and bidding procedure, advised on obtaining regulatory approval from the Indiana Utility Regulatory Commission and negotiated the sale. The deal creates Citizens Westfield, which will serve more than 24,000 customers' water, wastewater and natural gas utility needs.
The sale allows Westfield to alleviate $45 million in water utility debt and invest in infrastructure improvements as part of the city's growth strategy. Operational efficiencies achieved by consolidating the utilities into the Citizens system will provide for continued low utility rates.