PHOENIX, July 09, 2025 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS), a pure-play water resource management company, 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 $7.7 million and are expected to generate approximately $1.5 million 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.
The addition of the acquired water systems brings the total number of Global Water customers in Pima County to approximately 7,200, of which nearly 5,000 were added from seven previous acquisitions completed in Pima County over the past five years.
“All seven water systems acquired from Tucson Water are located near our hubs, enabling seamless integration into our platform,” stated Global Water COO, Chris Krygier. “The strategic location of these facilities made them a natural expansion of our service area footprint. This geographic alignment allows for more efficient management and maintenance of the water systems, providing reliable water service for our customers.”
The company will integrate the acquired water systems using the same proven approach to consolidation and effective water management implemented for its other recent acquisitions in Pima County. Global Water will deploy its industry leading best practices around technology, customer service, and operations.
Global Water plans to modernize the acquired water systems with the installation of an automated meter infrastructure (AMI). 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.
The AMI deployment will be a key part of the company’s planned capital improvements for these areas. The improvements will support higher quality water services, promote conservation and potentially result in customer savings. This acquisition is another step in furthering the company’s efforts of utility consolidation, automation and water resource management for the benefit of Arizona communities.
As part of the acquisition, the company adopted the Tucson Water’s rates for the acquired water systems, with a previously approved five percent rate increase scheduled for July 2026. The company has begun work on its broader rate case strategy for these water systems and expects to provide updates next year. This strategy aims to implement appropriate rate structures that incentivize conservation and provide the company with a reasonable return on its capital investments.
About Global Water Resources
Global Water Resources, Inc. is a leading water resource management company that owns and operates 39 systems which provide water, wastewater, and recycled water service. The company’s service areas are located primarily in growth corridors around metropolitan Phoenix and Tucson. Global Water recycles over 1 billion gallons of water annually with 18.1 billion gallons recycled since 2004.
The company has been recognized for its highly effective implementation of Total Water Management (TWM). TWM is an integrated approach to managing the entire water cycle that involves owning and operating water, wastewater and recycled water utilities within the same geographic area in order to maximize the beneficial use of recycled water. It enables smart water management programs such as remote metering infrastructure and other advanced technologies, rate designs, and incentives that result in real conservation. TWM helps protect water supplies in water-scarce areas experiencing population growth.
Global Water has received numerous industry awards, including national recognition as a ‘Utility of the Future Today’ for its superior water reuse practices by a national consortium of water and conservation organizations led by the Water Environment Federation (WEF). The company also received Cityworks’ Excellence in Departmental Practice Award for demonstrating leadership and creativity in applying public asset management strategies to daily operations and long-term planning.
To learn more, visit www.gwresources.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release include certain forward-looking statements which reflect the company's expectations regarding future events. The forward-looking statements involve a number of assumptions, risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in the forward-looking statements. These forward-looking statements include, but are not limited to, statements about the planned integration of the acquired water systems with existing company utilities in the area; the company’s plans to modernize the acquired water systems with the installation of AMI and upgrading customer connections with smart meters; the company’s expectation that the foregoing improvements will support higher quality water services and potential customer savings; regulatory and ACC proceedings, decisions, and approvals, such as the anticipated benefits resulting from rate decisions, including any collective revenue increases due to new water and wastewater rates; the company’s plans relating to future filings of its rate cases with the ACC, including with respect to the acquired water systems; acquisition plans and the company’s ability to complete additional acquisitions; technologies, including expected benefits from implementing such technologies; and other statements that are not historical facts, as well as statements identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", or the negative of these terms, or other words of similar meaning. These statements are based on the company’s current beliefs or expectations and are inherently subject to a number of risks, uncertainties, and assumptions, most of which are difficult to predict and many of which are beyond the company’s control. Actual results may differ materially from these expectations due to changes in political, economic, business, market, regulatory, and other factors. Factors that may also affect future results are disclosed under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s filings with the Securities and Exchange Commission (the "SEC"), which are available at the SEC's website at www.sec.gov. This includes, but is not limited to, the company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings with the SEC. Accordingly, investors are cautioned not to place undue reliance on any forward-looking statements, which reflect management’s views as of the date hereof. The company undertakes no obligation to publicly update any forward-looking statement, except as required by law, whether as a result of new information, future developments or otherwise.
Company Contact:
Michael Liebman
CFO and SVP
Tel (480) 999-5104
Email Contact
Investor Relations Contact:
Ron Both or Grant Stude
Encore Investor Relations
Tel (949) 432-7450
Email contact
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4a3bc622-7672-48a6-9b47-31c2c92ec010
