Global Water Resources (GWRS) Agrees to Acquire Water and Wastewater Utilities

June 28, 2018 8:32 AM EDT

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Global Water Resources, Inc. (NASDAQ: GWRS) has signed a letter of intent to acquire a Class D water utility and a Class D wastewater utility. The company expects to close the acquisitions on an accelerated basis in the third quarter of 2018. 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.

“These acquisitions will represent the third and fourth acquisitions we’ve made post-recession in our declared strategy of pursuing utility consolidation,” said Ron Fleming, CEO of Global Water. “This strategy complements our strong organic growth, as year-to-date active connections are up 5.5%.”

“Our consolidation, improvement, and automation of regional water utility assets benefits our operations, customers and development partners, as well as advances the consolidation goals of regulators,” added Fleming.

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