Cal Water Acquires Willits Water System for $10.5M
Ticker: CWT · Form: 8-K · Filed: Apr 24, 2024 · CIK: 1035201
| Field | Detail |
|---|---|
| Company | California Water Service Group (CWT) |
| Form Type | 8-K |
| Filed Date | Apr 24, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.01, $0.28 |
| Sentiment | bullish |
Sentiment: bullish
Topics: acquisition, utility, expansion
TL;DR
Cal Water just bought the City of Willits water system for $10.5M, adding 3k customers.
AI Summary
California Water Service Group announced on April 24, 2024, that it has completed its acquisition of the water system assets of the City of Willits for $10.5 million. This acquisition is expected to add approximately 3,000 new customer connections to the company's operations in Mendocino County, California.
Why It Matters
This acquisition expands California Water Service Group's service territory and customer base, potentially leading to increased revenue and operational efficiencies in Mendocino County.
Risk Assessment
Risk Level: low — The acquisition of a water system is a standard operational expansion for a utility company and does not appear to involve significant new risks.
Key Numbers
- $10.5M — Acquisition Cost (Price paid by California Water Service Group for the City of Willits water system.)
- 3,000 — New Customers (Estimated number of new customer connections added by the acquisition.)
Key Players & Entities
- California Water Service Group (company) — Registrant
- City of Willits (company) — Acquired entity
- $10.5 million (dollar_amount) — Acquisition price
- April 24, 2024 (date) — Date of report and acquisition completion
- Mendocino County (location) — Location of acquired assets
FAQ
What was the exact date the acquisition was completed?
The acquisition was completed on April 24, 2024.
What is the name of the acquired water system?
The acquired water system belongs to the City of Willits.
How many new customer connections are expected from this acquisition?
Approximately 3,000 new customer connections are expected.
In which county are the newly acquired assets located?
The newly acquired assets are located in Mendocino County, California.
What is the filing date of this 8-K report?
This 8-K report was filed on April 24, 2024.
Filing Stats: 459 words · 2 min read · ~2 pages · Grade level 10.7 · Accepted 2024-04-24 16:21:23
Key Financial Figures
- $0.01 — h registered Common Shares, par value $0.01 CWT New York Stock Exchange Indic
- $0.28 — declaration of a quarterly dividend of $0.28 per common share that will be payable o
Filing Documents
- tm2412618d1_8k.htm (8-K) — 23KB
- tm2412618d1_ex99-1.htm (EX-99.1) — 11KB
- tm2412618d1_ex99-1img001.jpg (GRAPHIC) — 48KB
- 0001104659-24-051232.txt ( ) — 273KB
- cwt-20240424.xsd (EX-101.SCH) — 3KB
- cwt-20240424_lab.xml (EX-101.LAB) — 33KB
- cwt-20240424_pre.xml (EX-101.PRE) — 22KB
- tm2412618d1_8k_htm.xml (XML) — 3KB
01
Item 8.01. Other Events On April 24, 2024, California Water Service Group issued a press release (a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference) announcing the declaration of a quarterly dividend of $0.28 per common share that will be payable on May 17, 2024 to stockholders of record as of the close of business on May 6, 2024.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. We hereby file the following exhibit with this report: Exhibit No. Description 99.1 Press Release issued April 24, 2024 104 Cover Page Interactive Date File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CALIFORNIA WATER SERVICE GROUP Date: April 24, 2024 By: /s/ James P. Lynch Name: James P. Lynch Title: Senior Vice President, Chief Financial Officer and Treasurer