- Global Water Resources Inc. (GWR) has completed its acquisition of Las Quintas Serenas Water Company located near Pima County, Arizona
- The acquisition adds approximately 2.5 square miles of service area and 1,100 active water service connections which increases the compay’s total active services by two per cent
- It also adds rate base capital investment of approximately $1 million
- The company currently plans to make more acquisitions in the growth areas surrounding Phoenix and Tucson
- Las Quintas Serenas’ designation as a Class D water utility enabled Global Water to close the transaction on an expedited basis under ACC acquisition policy rules
- Global Water Resources Inc. (GWR) is unchanged trading at $23.25 per share at 3:00 p.m. ET
Global Water Resources Inc. (GWR) has completed its acquisition of Las Quintas Serenas Water Company located near Pima County, Arizona.
The acquisition adds approximately 2.5 square miles of service area and 1,100 active water service connections.
This increases Global Water’s total active service connections by more than two per cent.
It also adds rate base capital investment of approximately $1 million.
Global Water plans to upgrade the utility’s connections from manually read meters to smart meters.
Smart meters enable remote monitoring which supports greater operational efficiencies as well as real-time automated notifications when water usage is high or close to pre-set limits.
Such alerts help conserve water and help customers save on their monthly water bills.
Las Quintas Serenas represents Global Water’s largest acquisition since its acquisition of Red Rock Utilities in 2018.
It is also the company’s sixth acquisition in Pima County following Rincon announced earlier this year, and Tortolita, Lyn-Lee, Mirabell, and Francesca completed in the fourth quarter of last year.
The company is planning more acquisitions in the growth areas surrounding Phoenix and Tucson.
These areas also fall within the Arizona Sun Corridor which is a region that is expected to double in population by 2040.
Las Quintas Serenas’ designation as a Class D water utility enabled Global Water to close the transaction on an expedited basis under ACC acquisition policy rules.
To qualify as a Class D, a utility in Arizona must have annual operating revenues of at least $250,000 but not more than $999,999 per year.
The acquisition was completed with cash on hand.
Global Water Resources Inc. (GWR) is unchanged trading at $23.25 per share at 3:00 p.m. ET.