Global Water Resources - President and CEO, Ron Fleming
President and CEO, Ron Fleming
Source: inmaricopa
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Global Water Resources, Inc. (GWR) completes its acquisition of Twin Hawks Utility, Inc. and Rincon Water Company
  • The acquisitions add approximately 93 water connections to the company’s network
  • Over 90 per cent of Global Water’s current connections are in Pinal County, Arizona
  • Global Water brings technical expertise and technology solutions that can help the facilities meet state regulatory requirements
  • The requirements will ensure local communities will have access to safe and environmentally sustainable water services
  • Global Water Resources, Inc. (GWR) is down 0.74 per cent trading at $18.65 per share as of 10:47 a.m. EST

Global Water Resources (GWR) completes its acquisition of Twin Hawks Utility and Rincon Water Company.

Twin Hawks is in Pinal County and Rincon is in Pima County, Arizona.

The acquisitions add approximately 93 water connections to the company’s network.

Global Water Resources President and CEO, Ron Fleming, stated,

“For both facilities, we have begun to implement our industry-leading approach to utility consolidation and operations, which promotes compliance, safety, and better water usage for the benefit of all stakeholders.”

Twin Hawks is near an existing Global Water operational hub, which will facilitate integration into Global Water’s platform.

Over 90 per cent of Global Water’s current connections are in Pinal County.

The acquisition reflects Global Water’s renewed strategy due to the significant opportunities the purchase provides and the benefits of consolidation.

Chris Krygier, CSO for Global Water Resources, commented,

“The close proximity of these facilities made them a logical extension to our service footprint, and we view them both as low-risk tuck-in acquisitions,”

Rincon has experienced challenges that require infrastructure evaluations and enhancements.

Global Water brings technical expertise and technology solutions that can help the facilities meet state regulatory requirements.

The requirements will ensure local communities will have access to safe and environmentally sustainable water services.

“We will continue to seek additional acquisitive opportunities that are synergistic to our growing portfolio of water utility companies, and especially those which would be beneficial to the communities we serve… We are currently in discussions with a number of utilities that fit this profile,” said Krygier.

Global Water Resources, Inc. (GWR) is down 0.74 per cent trading at $18.65 per share as of 10:47 a.m. EST.

More From The Market Herald

" H2O Innovation (TSX:HEO) is winning with $7.9 M worth of projects

H2O Innovation’s (HEO) Water Technologies & Services business (WTS) line has recently been awarded three new water and wastewater treatment projects.

" Synex Renewable Energy (TSX:SXI) announces NCIB

Synex Renewable Energy Corporation (SXI) has announced its intention to launch a normal course issuer bid.

" Fortis (TSX:FTS) prices public offering of senior unsecured notes

Fortis (FTS) has priced a $500,000,000 public offering of 4.431 per cent senior unsecured notes due May 31, 2029.

" Brookfield Infrastructure (TSX:BIP.UN) to issue $600M of medium-term notes

Brookfield Infrastructure (BIP.UN) announced that it has agreed to sell $600 million of medium-term notes.