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Global Water Resources Signs Letter of Intent to Acquire Farmers Water Co. in Pima County, Arizona
SAHUARITA, Ariz., Dec. 13, 2021 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS), (TSX: GWR), an Arizona-based water resource management
About this update from Global Water Resources, Inc.
[{"type":"text","content":"SAHUARITA, Ariz., Dec. 13, 2021 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS), (TSX: GWR), an Arizona-based water resource management company, has signed a Letter of Intent to acquire Farmers Water Co., a subsidiary of Farmers Investment Co. (FICO), located in Pima County, Arizona. The acquisition, if completed, would add approximately 3,300 active water service connections in Sahuarita and surrounding unincorporated Pima County to the Global Water family of companies. The primarily residential connections are in close proximity to the service area of Global Water’s recently acquired Las Quintas Serenas, Francesca, Mirabell, and Red Rock water companies. The next steps in the acquisition process include the completion of due diligence, execution of definitive agreements, and other customary conditions and approvals. “We are looking forward to working closely with FICO and the community to bring this utility into the Global Water family and address its future infrastructure needs,” stated Global Water Resources president and CEO, Ron Fleming. “This will include further advancing Farmers’ long-standing record of providing safe, high-quality water services to the community with our industry-leading approach to utility consolidation, automation, and water resource management.” Dick Walden, FICO President and CEO, commented: “After considerable research and due diligence, we at Farmers Water Co. believe that Global Water Resources has the experience, leadership, and integrity to serve and protect the customers we know as neighbors. Moreover, the Arizona Corporation Commission will continue to have regulatory oversight over Global Water Resources as an added benefit for customers.” Global Water also plans to upgrade the utility’s connections from manually read meters to smart meters, a technology successfully deployed in the company’s largest service area. Smart meters support greater operational efficiencies as well as real-time information for customers about their water usage, including leak alerts and high usage alerts. Providing this information to customers helps to preserve scarce water resources while also helping them save on their monthly water bill. Farmers Water would be Global Water’s seventh acquisition in Pima County, which includes the acquisition of the adjacent Las Quintas Serenas water utility that...