Global Water Resources (GWRS) Buys Eagletail Water Company
- Tesla lifts Nasdaq to record-high close, S&P 500 dips
- Bitcoin (BTC) Recovers to $34,000 as Analysts Insists Crypto Winter Won't Repeat Again
- Dollar edges higher as Fed debate over inflation continues
- Cathie Wood's ARK Buys ~$77M in Bitcoin-Related Securities Yesterday on Dip
- Microsoft (MSFT) Price Target Raised to 'Street High' $325 at Wedbush as Cloud Story Is Not Slowing Down
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
Global Water Resources, Inc. (NASDAQ: GWRS) has acquired Eagletail Water Company, a small water utility located west of metropolitan Phoenix.
The transaction adds approximately 50 active water connections and six square miles of approved service area to Global Water’s existing regional service footprint. The acquired service area is adjacent to one of Global Water’s existing utilities, the Water Utility of Greater Tonopah.
“Eagletail is the first acquisition in our declared strategy of pursuing water utility acquisitions,” said Ron Fleming, CEO of Global Water. “We believe our focus on improving and automating water utility assets will greatly benefit the customers of Eagletail. Also, as the Eagletail water service area has no wastewater provider we see an opportunity to apply Global Water’s regional, integrated service provider model to any future development, which we continue to believe is the best solution for all stakeholders in the region.”
The Arizona Corporation Commission (ACC) allowed the transaction to close on an expedited basis in accordance with a recently adopted water policy reform package intended to lessen regulatory impediments for such transactions, in addition to other reforms. Eagletail recently completed a rate case, setting new rates for the utility effective December 5, 2016.
Added Fleming: “Given the ACC's desire for consolidation of the highly-fragmented water utility industry in Arizona and their new policy guidelines that support and incent such consolidation, the stage is well set for additional acquisitions.”
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Syniverse Said in M3-Brigade Acquisition II (MBAC) Merger Talks - Bloomberg
- FinTech Acquisition Corp (FTVIU) Prices 22M Units Offering at $10/sh
- Q2 Holdings (QTWO), NYDIG Team to Offer Integrated Bitcoin Solutions for Financial Institutions
Create E-mail Alert Related CategoriesCorporate News, Management Comments, Mergers and Acquisitions
Related EntitiesDividend, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!