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WEST CONSHOHOCKEN, Pa.--([ BUSINESS WIRE ])--Boenning & Scattergood, Inc., an independent securities, asset management and investment banking firm, acted as exclusive financial advisor to Pennichuck Corporation (NASDAQ: PNNW) in its sale to the City of Nashua, NH. Under the terms of the transaction, which closed January 25th, the city acquired all outstanding Pennichuck shares at a price of $29.00 per share, or approximately $138 million in cash. The city also assumed some $60 million of the companyas outstanding debt, resulting in a total transaction value of nearly $200 million. As a result of the transaction, Nashua acquired multiple businesses, including three regulated utilities, a real-estate holding company and a water services company.

"We are very pleased to have advised Pennichuck in reaching a negotiated solution to its eminent domain issue with the City of Nashua"

This sale brought an end to a nearly decade-long legal dispute which initially saw Nashua attempt to take over Pennichuck via eminent domain. In 2008, state utility regulators had approved the taking of the Pennichuck Water Works assets serving Nashua for $243 million, including a $40 million mitigation fund for the non-city utilities, but the city balked at the high price. Subsequently, the parties began talks on a negotiated sale of all of Pennichuck Corporation in early 2009, which culminated in the agreement for this sale being signed in November 2010. After obtaining approval of the sale from the New Hampshire Public Utilities Commission, and the successful completion of a bond issue for the financing of the deal, the acquisition was completed this week.

"We are very pleased to have advised Pennichuck in reaching a negotiated solution to its eminent domain issue with the City of Nashua," said Bill Malarkey, Managing Director with Boenning & Scattergoodas investment banking group. "This transaction was lengthy and complicated with both parties benefiting in the end. The City of Nashua succeeded in gaining control of its water supply at a substantial savings and Pennichuck shareholders received a much better tax treatment than would have been the case under an eminent domain taking.a

The Boenning & Scattergood team advising Pennichuck on this transaction included Mr. Malarkey and James Adducci, Director. Boenning & Scattergoodas investment banking practice is a leading strategic advisor to national and international clients across various segments of the water and industrials sector, including investor-owned utilities, equipment and technology companies, water rights developers and water service providers.

About Boenning & Scattergood, Inc.

Established in 1914, Boenning & Scattergood, Inc. is one of the oldest independent securities, asset management and investment banking firms in the Mid-Atlantic region. Professionals at the firm provide individual investors, corporate and municipal clients and institutions a full complement of financial services including retail brokerage, equity research, equity and fixed income sales and trading, investment banking, public finance, derivative strategy and asset management. Boenning & Scattergoodas investment banking group provides comprehensive M&A, corporate finance and capital markets advice to leading private and public middle-market companies in a diverse range of industries. Our clients benefit from senior banker attention and experience as well as the firmas broad capital markets capabilities. For more information, please visit [ www.boenninginc.com ]. Member FINRA / SIPC.