Business
Global Water Resources Completes Acquisition of Las Quintas Serenas Water Company in Pima County, Arizona
PHOENIX, Nov. 03, 2021 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS), (TSX: GWR), a pure-play water resource management company, has
About this update from Global Water Resources, Inc.
[{"type":"text","content":"PHOENIX, Nov. 03, 2021 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS), (TSX: GWR), a pure-play water resource management company, has completed its previously announced acquisition of Las Quintas Serenas Water Company located near Tucson in Pima County, Arizona. The acquisition adds approximately 2.5 square miles of service area and 1,100 active water service connections, increasing Global Water’s total active service connections by more than 2%. It also adds rate base capital investment of approximately $1 million. The connections are primarily residential and are located in close proximity to the service areas of Global Water’s recently acquired Francesca, Mirabell and Red Rock utilities. Global Water will maintain Las Quintas Serenas’ customer walk-in office located in Sahuarita. As part of its initiatives for Las Quintas Serenas, 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 preset limits. Such alerts not only help conserve water, but also help customers save on their monthly water bill. “We welcome Las Quintas Serenas’ strong operating team and their customers to Global Water’s growing family of companies,” stated Global Water Resources president and CEO, Ron Fleming. “The size and close proximity of Las Quintas Serenas to our other utilities, as well as its exceptional operating history, made it an ideal addition to our portfolio. We see opportunities to advance and improve upon Las Quintas Serenas’ ability to provide safe, high-quality water by applying new water management technologies as part of our industry-leading approach to utility consolidation, automation, and water resource management.” Las Quintas Serenas represents Global Water’s largest acquisition since 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. Given the many benefits of consolidation for all stakeholders, along with the associated support of regulatory authorities, the company currently plans to make additional acquisitions in the growth areas...