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SJW Group Acquires Clear Water Estates Water System in Texas.

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MANews-(C)2009-2021

US-based water and wastewater utility operator SJW Group's (NYSE: SJW) SJWTX Inc Texas subsidiary, which does business as Canyon Lake Water Service Company, has completed the acquisition of the Clear Water Estates Water System in Canyon Lake, Texas, the company said.

The Public Utilities Commission of Texas approved the sale and transfer of all Clear Water Estates facilities to SJWTX on March 1.

This was the first application to the PUCT to request treatment under Texas's new Fair Market Value legislation.

The PUCT took the average of three market appraisals when determining the fair market price of approximately USD 1m.

This is a "tuck-in" acquisition, with the Clear Water Estates Water System bordering the SJWTX's water system to the north and south.

The Clear Water Estates Water System is less than 40 years old. It has no employees and has been operated under contract by Canyon Lake Water Service company. The transaction will not affect the rates or service for customers of Canyon Lake Water Service company or Clear Water Estates.

This is the 13th acquisition by SJWTX since 2006. Over the past 15 years, the company has more than tripled in size...

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