- Global Water Resources (GWR) has signed definitive asset purchase agreements for two water utilities
- The two water utility companies are Twin Hawks Utility and Rincon Water Company, both located in Phoenix, Arizona
- The acquisitions will add approximately 93 water connections to the roughly 50,000 that Global Water has served
- Global Water Resources is a leading water resource management company that owns and operates 16 utilities
- Global Water Resources (GWR) opened trading at C$21.16 per share
Global Water Resources (GWR) has signed definitive asset purchase agreements for two water utilities.
The two water utility companies are Twin Hawks Utility and Rincon Water Company, both located in Phoenix, Arizona.
The acquisitions will add approximately 93 water connections to the roughly 50,000 that Global Water has served.
“We welcome Twin Hawks and Rincon to our expanding portfolio of water utilities in Arizona,” stated Global Water Resources President and CEO, Ron Fleming.
“We plan to implement our industry-leading approach to utility consolidation and operations, which promotes investment, compliance and safety, and better water usage practices for the benefit of all stakeholders.”
Twin Hawks is located near an existing Global Water operational hub, facilitating an easy integration into the company’s platform. Twin Hawks provides water service to an airpark in Pinal County where over 90% of Global Water’s current connections are located.
Twin Hawks and Rincon reflect the company’s renewed and ongoing focus on acquisitions, given the significant opportunities for consolidation in Arizona. The Arizona Corporation Commission website lists more than 300 investor-owned water and wastewater utilities operating in the state.
Rincon continues Global Water’s expansion in Pima County, the same county where the company acquired four water utilities last year. Rincon has encountered regulatory challenges that require infrastructure evaluations and enhancements. That said, Global Water possesses the technical expertise and integrated technology solutions to make the changes safely and securely.
The company anticipates filing for regulatory approval of these acquisitions in March 2021, with approval by the second half of the year.
Global Water Resources is a leading water resource management company that owns and operates 16 utilities which provide water, wastewater and recycled water services. The company’s service areas are located primarily in growth corridors around metropolitan Phoenix.
Global Water recycles nearly one billion gallons of water annually and has been recognized for its implementation of Total Water Management, an integrated approach to managing the water cycle to maximize the beneficial use of recycled water.
Global Water Resources (GWR) opened trading at C$21.16 per share.