Benzinga | Aug 9, 2021 05:46PM EDT

California Water Service Group Reports Regulatory Approval To Buy Preserve At Millerton Water, Wastewater Systems

California Water Service, the largest subsidiary of California Water Service Group (Group) (NYSE:CWT), received approval late last week from the California Public Utilities Commission (CPUC) to acquire the water and wastewater systems serving the Preserve at Millerton and provide regulated water and wastewater service to its future customers.

The Preserve at Millerton is a new 1,400-unit master-planned, mixed-use community in Madera County that will include residences, commercial and office space, parks, community facilities, and associated infrastructure. The transaction, expected to close when residences are ready to be occupied in 2022, is subject to the completion of conditions in the purchase agreement.

"We appreciate the diligence by the CPUC in reviewing this transaction and look forward to serving the residents and businesses at the Preserve at Millerton," said Group President and Chief Executive Officer Martin A. Kropelnicki. "We also look forward to watching this region grow and thrive, and providing the same quality, service, and value that we are committed to delivering to all of our customers in California."