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Thursday, March 23, 2023

Global Water (NASDAQ: GWRS) Announces Acquisition of Farmers Water Company

Global Water Resources, Inc. (NASDAQ: GWRS) disclosed that has inked a definitive agreement to buy Farmers Water Co which is a subsidiary of Farmers Investment Co. (FICO) and situated in Pima County, Arizona. If completed, the acquisition will add roughly 3,300 active water service connections to Sahuarita and the neighboring unincorporated Pima County, as well as an approximate 21.5 square mile Certificate of Convenience and Necessity service area.

The primarily residential connections are close to Global Water’s newly purchased Las Quintas Serenas, Francesca, Mirabell, and Red Rock water companies’ service areas. All of these places are part of the Arizona Sun Corridor, a megaregion whose population is predicted to double by 2040. Farmer’s Water workers will be retained by Global Water, and a local customer care center will be maintained.

Farmers Water will be Global Water’s sixth purchase in Pima County and its second in the Town of Sahuarita, following the acquisition of the nearby Las Quintas Serenas water utility in November 2021. The deal is expected to close in the first quarter of 2023, pending usual closing conditions and clearances.

Furthermore, Farmers Water’s connections will be upgraded from manually-read meters to smart meters as part of Global Water’s industry-leading technology platform, which the company has successfully installed numerous times, including in its largest service region. Smart meters help to increase operational efficiencies while also providing customers with real-time information about their water usage, including leak and high usage notifications. This knowledge can aid in the conservation of finite water resources while also cutting monthly water expenditures.

The value of Global Water’s approach and recognition of the performance of the company as a utility owner has led to multiple awards, including national recognition as a “Utility of the Future Today” by a national consortium of water and conservation organizations led by the Water Environment Federation for its superior water reuse approach (WEF).

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