SJW Corp. (NYSE: SJW) today announced that SJWTX, Inc., a wholly owned subsidiary of SJW Corp., acquired four Bexar Metropolitan Water District (“BMWD”) water systems and related assets in Comal County and the City of Bulverde. As previously reported, SJWTX, Inc. entered into the purchase agreement with BMWD on November 17, 2009; however, the agreement was subsequently amended to provide for, among other things, an accelerated closing.
With the acquisition, SJWTX, Inc. will add more than 500 new connections and achieves an important milestone in the development of its integrated regional water system. SJWTX, Inc. now has a total of more than 10,000 service connections serving approximately 40,000 people in Comal County and the southern part of Blanco County.
The BMWD acquisition is a reflection of SJWTX, Inc.’s business model which seeks economies of scale through the development of an integrated regional water system serving as an effective platform for capital deployment and risk management. “The acquisition is an important step in building SJWTX, Inc.’s ability and capacity to continue to efficiently deliver high quality water service to our existing and new retail customers,” said Thomas Hodge, Vice President of SJWTX, Inc.
SJW Corp. is a publicly traded holding company headquartered in San Jose, California. SJW Corp. is the parent company of San Jose Water Company, SJWTX, Inc., Texas Water Alliance Limited, and SJW Land Company. Together, San Jose Water Company and SJWTX, Inc. provide regulated and non-tariffed water service to more than one million people in San Jose, California and nearby communities and in Canyon Lake, Texas and nearby communities. SJW Land Company owns and operates commercial real estate investments.
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