SouthWest Water Co. on Friday said that the California Public Utilities Commission has approved the company’s acquisition by an institutional investor partnership that will take the company private.
The Los Angeles water utility, which operates in California and four other states, said in March that it agreed to be acquired for about $275 million in cash, plus assumption of debt, by a partnership of Water Asset Management LLC and J.P. Morgan Asset Management.
Shareholders will receive $11 per share.
California was the final state to give approval. The company new expects the deal to close on Sept. 13.
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