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Be the first with the news that moves the market- Utilities provider Global Water Resources has picked up Arizona-based Mirabell Water to expand its reach in the US state
- The acquisition adds Mirabell’s 60 active water connections in Tucson to GWR’s current nearby services
- The buyout was helped along by the Arizona Corporation Commission, which brought in new reform to promote company consolidation in the region
- By expanding its reach, the company hopes to accelerate its total water management approach, which integrates disperse areas of water management to maximise water recycling and conservation
- Global Water Resources (GWR) is down 2.09 per cent and is trading at S$14 .03 per share
Utilities provider Global Water Resources has picked up Arizona-based Mirabell Water to expand its reach in the US state.
Global Water Resources currently operates 13 utilities in the state, which provide water, wastewater, and recycled water services. The acquisition adds Mirabell’s 60 active water connections in Tucson to GWR’s current nearby services.
Ron Fleming, Global Water’s CEO, welcomed Mirabell and its customers to the company’s growing family of utilities.
“Like many other small utilities throughout the state, Mirabell can benefit from our approach to utility consolidation and management, including necessary upgrades and automation. This presents capital investment opportunities for the benefit of our Mirabell customers and all stakeholders,” he said.
The buyout was helped along by the Arizona Corporation Commission, which brought in new reform to promote company consolidation in the region. This is GWR’s first acquisition in two years and is part of a new expansion phase, which could once again benefit from the state’s new regulations.
Commenting on the state’s new reforms, Ron went on to say the company appreciated Arizona’s forward-thinking policy guidelines, which look to consolidate of the state’s fragmented water utility industry.
“Their support helps to set the stage for our additional planned ‘tuck-in’ acquisitions and the community benefits they can deliver under our stewardship,” he added.
By expanding its reach, the company hopes to accelerate its total water management approach, which integrates disperse areas of water management to maximise water recycling and conservation.
Global Water Resources (GWR) is down 2.09 per cent and is trading at $14 .03 per share at 3:12pm EDT.
