Global Water Resources has signed a letter of intent to acquire a Class D water utility and a Class D wastewater utility. The company expects to close the acquisitions on an accelerated basis in the third quarter of 2018. To qualify as a Class D, a utility in Arizona must have annual operating revenues of at least $250,000 but not more than $999,999 per year.
Global Water Resources, Inc. (NASDAQ:GWRS) (TSX:GWR), a pure-play water resource management company, has signed a definitive agreement to acquire Turner Ranches Water and Sanitation Company, a non-potable irrigation water utility in Mesa, Arizona. The acquisition will add 960 residential irrigation customers and approximately seven square miles of service area, including services to three golf courses. It is also anticipated to add nearly $1 million in revenue. Global Water expects to close the acquisition in the second quarter of 2018.