- Global Water Resources (GWR) has signed a definitive agreement to acquire Farmers Water Co.,
- Farmer Water Co. is a subsidiary of Farmers Investment Co. (FICO), located in Pima County, Arizona
- The acquisition will add approximately 3,300 active water service connections
- Global Water plans to retain all Farmers Water employees and maintain a local customer service centre
- The transaction is expected to close in the first quarter of 2023
- Global Water Resources (GWR) opened trading at C$19.64 per share
Global Water Resources (GWR) has signed an agreement to acquire Farmers Water Co, a subsidiary of Farmers Investment Co.
When completed, the acquisition will add approximately 3,300 active water service connections and an approximate 21.5 square miles of Certificate of Convenience and Necessity service area in Sahuarita and surrounding unincorporated Pima County.
The primarily residential connections are in close proximity to the service areas of Global Water’s recently acquired Las Quintas Serenas, Francesca, Mirabell, and Red Rock water companies.
All of these areas fall within the Arizona Sun Corridor, a megaregion that is expected to double in population by 2040.
Global Water plans to retain all Farmers Water employees and maintain a local customer service centre.
“Global Water will work closely with FICO and the community to bring this utility into our family of companies and address its future infrastructure and water service requirements for supporting growth and economic development,” stated the company’s president and CEO, Ron Fleming.
“Together, with the implementation of our industry-leading approach to utility consolidation, automation and water resource management, we plan to advance Farmers’ long-standing record of providing safe, high-quality water services to the community,” he added.
Upon closing, Farmers Water will represent Global Water’s seventh acquisition in Pima County and its second in the Town of Sahuarita, including the adjacent Las Quintas Serenas water utility it acquired in November 2021.
The transaction is expected to close in the first quarter of 2023 and is subject to customary closing conditions and approvals.
“After considerable research and due diligence, we have determined that Global Water Resources has the financial, managerial, and technical expertise needed to properly serve the customers we have also come to know as our neighbours,” stated FICO president and CEO, Dick Walden.
Farmers Water Co. is a private domestic water utility regulated by the Arizona Corporation Commission.
Global Water Resources, Inc. is a leading water resource management company that owns and operates 25 systems that provide water, wastewater, and recycled water services.
Global Water Resources Inc. (GWR) opened trading at $19.64 per share.
