NW Natural Advances Water Strategy with Plans to Acquire Two Water Utilities in Washington State
May 17, 2018 - 5:52 PM EDT
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NW Natural Advances Water Strategy with Plans to Acquire Two Water Utilities in Washington State
PORTLAND, Ore., May 17, 2018 (GLOBE NEWSWIRE) -- NW Natural Water, a subsidiary of NW Natural (NYSE:NWN), today announced that it has entered into agreements to acquire two water utilities in Washington state.
Both are located on Whidbey Island near Seattle in Puget Sound. Lehman Enterprises, Inc. serves about 900 customers and Sea View Water LLC serves just under 200 customers.
The assets and operations of Lehman and Sea View will be combined under a newly-formed subsidiary of NW Natural Water. The transactions are subject to certain conditions, including approval by the Washington Transportation and Utilities Commission, and are expected to close in 2018.
The planned acquisitions further the company’s strategy to expand into the regulated water utility sector. In addition to Washington, NW Natural Water has pending water utility acquisitions in Oregon and Idaho.
ABOUT NW NATURAL NW Natural (NYSE:NWN) is headquartered in Portland, Ore. Our 159-year-old regulated natural gas utility serves Oregon and southwest Washington with one of the most modern distribution and transmission pipeline systems in the nation. We are the largest stand-alone local gas distribution company in the Pacific Northwest with over 740,000 customers, 14,000 miles of pipeline infrastructure, and $3 billion in total assets. NW Natural consistently leads the industry with high JD Power & Associates customer satisfaction scores in the West and the nation. Additional information is available at nwnatural.com.
