Global Water Resources completes acquisition of water systems from Tucson Water

Global Water Resources (GWRS) has completed the previously announced acquisition of seven water systems from Tucson Water, the City of Tucson’s water utility. The assets were acquired at a value equivalent to approximately 1.05 times the current rate base of approximately $7.7M and are expected to generate approximately $1.5M in revenue annually. The acquired water systems are located in and around Pima County where they serve approximately 2,200 water service connections and will be integrated with existing Global Water utilities in the area. Global Water plans to install an automated meter infrastructure. This will include upgrading customer connections with smart meters that enable wireless usage metering, similar to the technology Global Water has deployed for more than 95% of its existing water connections.