American Water's Unit To Acquire East Pasadena Water Company
Zacks Investment Research | Apr 22, 2019 08:37AM ET
American Water Works Company (NYSE:AWK) announced that its subsidiary, California American Water has entered into an agreement to acquire assets of East Pasadena Water Company, a water utility located in Los Angeles County. Following the completion of this acquisition, California American Water will add nearly 10,000 residents in Temple City, Arcadia and the East Pasadena area to the existing customer base in California.
California American Water, through its existing distribution network, serves nearly 690,000 people in California. The companies will now seek approval from the California Public Utilities Commission for the sale. The completion of the sale will ensure that East Pasadena Water Company’s existing customers will start receiving high-quality water services from California American Water.
California American Water is expanding operation in the state of California through acquisitions. Last week, the company signed an agreement to acquire assets of Warring Water Service (read more: Zacks Investment Research
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