SJW Group and Connecticut Water Service, Inc. to Combine to Create Leading Water Utility Company
SJW Group (NYSE: SJW) and Connecticut Water Service, Inc. (NASDAQ: CTWS) have entered a definitive agreement to create the 3rd largest investor-owned water and wastewater utility in the United States. The new company will serve more than 1.5 million people with over 700 employees across California, Connecticut, Maine and Texas. The combined company would have had operating revenue of approximately $496 million and recurring net income of $74 million on a 2017 pro forma basis.
This transformational combination joins two leading and complementary water utility companies to create significant long-term benefits for shareholders, customers, employees and the communities we serve. The combination will establish a premier organization with substantial opportunities for new investment across a diverse set of geographies and an improved ability to serve our customers.
Eric W. Thornburg
President and Chief Executive Officer of SJW Group
In addition to delivering immediate and certain value to Connecticut Water shareholders with a 33% premium, this compelling combination honors our unique public health mission and entrepreneurial heritage. Together, we create a new larger, stronger company capable of delivering greater value and benefits for our shareholders, customers, employees and communities than either company could deliver on its own.
David C. Benoit
President and Chief Executive Officer of Connecticut Water Service