UPDATE: Global Water Resources (GWRS) Announces Acquisition of Mirabell Water Co.

October 30, 2020 8:33 AM EDT

Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
(Updated - October 30, 2020 8:38 AM EDT)

Global Water Resources, Inc. (NASDAQ: GWRS) has acquired Mirabell Water Co., a small water utility located in the southwest area of Tucson, Arizona.

Mirabell adds more than 60 active water connections in close proximity to Global Water’s existing service area in Tucson.

“We welcome Mirabell and its customers to our growing family of utilities,” stated Ron Fleming, Global Water’s chief executive officer. “Like many other small utilities throughout the state, Mirabell can benefit from our approach to utility consolidation and management, including necessary upgrades and automation. This presents capital investment opportunities for the benefit of our Mirabell customers and all stakeholders.”

The Arizona Corporation Commission (ACC) enabled the transaction to close on an expedited basis in accordance with their water policy reform package intended to promote consolidation and lessen regulatory impediments for such transactions, in addition to other reforms.

Mirabell represents the company’s first acquisition since 2018 and reflects its renewed focus on these efforts, as there are significant opportunities along with the need for consolidation in Arizona. The ACC website lists more than 300 investor-owned water and wastewater utilities in the state.

“We appreciate ACC’s forward-thinking policy guidelines that support and incentivize consolidation of the highly-fragmented water utility industry in Arizona,” added Fleming. “Their support helps to set the stage for our additional planned ‘tuck-in’ acquisitions and the community benefits they can deliver under our stewardship.”

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Management Comments, Mergers and Acquisitions

Related Entities

Dividend, Definitive Agreement