Oct. 27 (UPI) -- American Water Works and Essential Utilities on Monday announced their board of directors approved an all-stock merger to serve 17 states -- with a market capitalization of $40 billion.
American Water already was the leading regulated U.S. water and wastewater public utility in the United States. The two companies already serve in four common states.
Both companies' roots date to 1886, seven years after Thomas Edison developed the first commercially practical incandescent light bulb.
The merged company, which will be called American Water, will have an enterprise value of $63 billion, based on closing stock prices Friday, the companies said in a news release.
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