PORTLAND, Ore., Sept. 17, 2018 (GLOBE NEWSWIRE) -- NW Natural Water Company, a wholly owned subsidiary of NW Natural (NYSE: NWN), has finalized its acquisition of Falls Water Company.
NW Natural announced its intent to purchase the company in December 2017. The closing of the transaction today follows regulatory review and approval by the Idaho Public Utilities Commission.
Falls Water is based in Idaho Falls, Idaho and serves approximately 5,500 customers.
This is NW Natural’s first completed acquisition in the regulated water utility sector. In addition, the company has three pending acquisitions – one in Oregon and two in Washington – that it expects to close by year end.
“In the coming months, we expect to close our other pending water utility acquisitions and gain nearly 7,600 customers across three states in the Northwest,” said David H. Anderson, NW Natural president and CEO. “We look forward to serving them with the same strong commitment we demonstrate every day serving our 740,000 natural gas customers.”
“Although the financial implications of these initial transactions are small, building this business is an exciting and long-term growth opportunity for us,” Anderson added.
ABOUT NW NATURAL
NW Natural (NYSE:NWN) is a 159-year-old regulated natural gas utility company serving Oregon and southwest Washington with one of the most modern pipeline systems in the nation. It is the largest stand-alone local gas distributor in the Pacific Northwest with more than 740,000 customers, 14,000 miles of pipeline, and $3 billion in assets. NW Natural consistently leads the industry with high J.D. Power & Associates customer satisfaction scores in the West and the nation. The Company also owns and operates 16 Bcf of underground gas storage capacity primarily for utility customers and is currently constructing a 2.5 Bcf regulated gas storage expansion to support renewables. NW Natural is expanding into the regulated water utility business with one completed and three pending acquisitions of privately owned companies. Additional information is available at nwnatural.com.