SAN JOSE, Calif., Jan. 26, 2001 (BUSINESS WIRE)—California Water Service Co. (Cal Water) today announced that it has completed its acquisition of the Buhl, EPTCO, Nish, and Tulco Water Systems, which together serve 1,100 customer connections in Tulare County, Calif., primarily in the city of Visalia.
The California Public Utilities Commission approved the application for the asset purchase on Jan. 18, 2001, which it received in March of 2000. Rates will not change as a result of the transaction.
"We're very pleased to have the approval of the CPUC, and we will continue to provide these customers with excellent customer service," said Visalia District Manager Paul Risso.
"We hope to welcome our new customers personally and answer any questions they might have about the change in ownership at our upcoming open house. In the next few weeks, they will receive a welcome letter advising them of the date, time, and location of the event," Risso said.
Cal Water purchased the assets of the four systems for $1 million in common stock less debt of approximately $150,000. The transaction will be accounted for as a pooling of interests.
The new systems eventually will be folded into Cal Water's Visalia District, which has been operating the systems through a contract agreement for more than a year.
California Water Service Co. is the largest subsidiary of the California Water Service Group, which provides water utility services to 2 million people in more than 80 communities in California, Washington, and New Mexico. California Water Service Group's common stock trades on the New York Stock Exchange under the symbol "CWT."
