On 4 May 2021, California Water Service Group (Cal Water) announced the formation of a Texas subsidiary, Texas Water Service (TWSC). The San Jose-based investor-owned utility (IOU) acquired the majority of BVRT Utility Holding Company. TWSC ultimately has the right to acquire BVRT’s portfolio of wastewater systems that could serve as a platform to expand Cal Water in Texas.
In this Research Note:
- Cal Water‘s expansion sharpens spotlight on Texas, IOU diversification
- Outsiders ramp up utility ownership in Texas
- First quarter IOU M&A activity signals uptick