California Water Service Group (NYSE: CWT) confirmed that the California Public Utilities Commission (CPUC) gave approval to California Water Service (Cal Water), the CWT’s largest subsidiary, to buy Skylonda Mutual Water Company's water system assets this week. The transaction is scheduled to finalize later this year, subject to usual closing conditions.
In California, California Water Service serves over 2 million people through 494,500 client connections. Since 1926, the utility has served the state with water. Cal appreciates the CPUC staff's diligence in evaluating this transaction. Cal is looking forward to continuing to work with Skylonda Mutual Water Company to complete the purchase and provide quality, service, and value to Skylonda customers now and for decades to come.
Cal Water plans to invest in Skylonda's water system infrastructure after the transaction is complete to ensure that it stays safe and reliable for customers' and firefighters' daily and emergency demands. Furthermore, because Skylonda is located between Cal Water's Skyline system and the main portion of its Bear Gulch District, Cal Water will be able to join the three locations to improve the district's water supply reliability.
Furthermore, Cal Water intends to serve Skylonda's 176 customer connections via its Bear Gulch District, which is next to the Skylonda system. The Bear Gulch District currently serves around 60,900 residents in Portola Valley, Woodside, Atherton, and parts of Menlo Park, Redwood City, and San Mateo County through 19,000 service connections.