Artesian Resources Corporation (NASDAQ:ARTNA) today announced that its wholly-owned subsidiary, Artesian Wastewater Management, Inc., has agreed to acquire Tidewater Environmental Services, Inc. (TESI), a Delaware based regulated wastewater utility owned by Middlesex Water Company (Middlesex), for $6.4 million in cash and other consideration. The transaction is subject to approval by the Delaware Public Service Commission and other customary closing conditions, and is expected to be finalized prior to December 31, 2021.
Artesian and Middlesex have entered into a definitive agreement whereby Artesian Wastewater Management, Inc. will purchase all of the stock of TESI, which serves approximately 3,600 retail wastewater customers in Sussex County, Delaware. Both Companies have jointly concluded that this transaction is in the best long-term interest of the customers and the shareholders of their respective organizations.
