RIO COMMUNITIES, N.M.— New Mexico Water, a subsidiary of California Water Service Group (NYSE: CWT), has signed an agreement to acquire the assets of Monterey Water Company (Monterey Water), a water utility located in Valencia County, N.M. The acquisition is subject to satisfaction of customary closing conditions and approval by the New Mexico Public Regulation Commission (Commission).
As part of the purchase, New Mexico Water will own and operate the water system, which currently serves 380 residential customers. The Monterey Water service area is less than a half-mile from New Mexico Water’s Rio Del Oro water system and will become part of the Rio Del Oro service area. The acquisition also includes about 100 undeveloped lots that may be served in the future.
“We appreciate Monterey Water’s confidence in our team and look forward to working together and receiving Commission review to complete the acquisition,” said Martin A. Kropelnicki, President and CEO of New Mexico Water. “We also look forward to welcoming Monterey Water customers to our family and providing them the same quality, service, and value that we provide to all of our customers in the Land of Enchantment.”
In addition to the new Monterey Water customers, New Mexico Water currently serves about 16,000 people through 8,500 water and wastewater service connections in its Rio Communities, Rio Del Oro, Meadow Lake, Indian Hills, Squaw Valley, Elephant Butte, Sandia Knolls, Juan Tomas, and Cypress Gardens systems. The utility’s services include meter reading, water quality testing, water and wastewater treatment, water system design and construction, and customer service.
New Mexico Water Service is a wholly owned subsidiary of California Water Service Group, which also includes California Water Service, Hawaii Water Service, Washington Water Service, and Texas Water Service, a utility holding company. Together, these companies provide regulated and non-regulated utility service to more than 2 million people in California, Hawaii, New Mexico, Texas, and Washington. Group’s common stock trades on the New York Stock Exchange under the symbol “CWT.” Additional information is available online at www.calwatergroup.com.