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Tuesday, February 7, 2023

Global Water Resources (NASDAQ: GWRS) Inks Deal To Buy Two Water Utilities

Global Water Resources, Inc. (NASDAQ: GWRS) has signed into a deal to buy two water facilities. The two firms which the firm has bought are  Twin Hawks Utility, Inc. and Rincon Water Company. Rincon is situated in Pima County and Twin Hawks is situated in Pinal County. The buying will add nearly 93 water connections.

The buying of Twin Hawks is the fifth buying of the firm and Rincon Water Company is the sixth buying of the firm since 2018. They indicate the firm’s emphasis on buying, provided substantial chances as well as the advantages of merging for Arizona. The ACC website logs more than 300 sponsor-held water and sewer water facilities working in the state.

Twin Hawks is situated adjacent to the existing Global Water Operational Hub. It provides easy incorporation into GWRS platform. Twin Hawks offers water service to an airpark in Pinal County. Almost 90% of Global Water’s current connections are in Pinal County. Share of Global Water Resources Inc. (NASDAQ: GWRS) soared 1.05% at $17.35 at the time of writing on Wednesday.

Furthermore, Rincon has decided to proceed with Global water growth in Pima County. Globe Water Resources has purchased four utilities in Pima County last year. Rincon has faced governing issues that need structure assessments and improvements. Global Water possessed sophisticated technology solution which can guarantee compliance with regulations.

Both the new utilities are close to the firm’s existing utilities which makes them attractive for GWRS. The firm has disclosed that it is looking for other locations as well which match the requirement of the firm.

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