On March 21, the City of Westfield, Indiana, closed the sale of its water and sewer utilities to Citizens Energy Group for $91 million. Faegre Baker Daniels served as lead deal counsel for the City of Westfield.
The deal creates Citizens Westfield, which will serve more than 24,000 customers' water, wastewater and natural gas utility needs. The deal was announced in September 2013 and approved by the Westfield City Council and the Indiana Utility Regulatory Commission in November.
The sale allows Westfield to alleviate $45 million in water utility debt and finance infrastructure improvements. Operational efficiencies achieved by consolidating the utilities into the Citizens system will provide for continued low utility rates.
FaegreBD partners Richard L. Hill and Regina M. Sharrow led FaegreBD's representation of the city in this sale.