Utilities Acquisitions in California
California Utility Deals by Key Operators
California utilities acquisitions in California run the gamut from regulated water system purchases to smart-water and grid software expansion. Across recent transactions, repeat acquirers such as California American Water (and parent American Water), Itron, Inc., Badger Meter, Inc., and CrescoNet appear in both infrastructure and technology themes.
On the water utility side, several deals involve acquiring local potable water distribution systems and adding customer connections, subject to California Public Utilities Commission approval in the regulated market. On the technology side, acquisitions like Badger Meter’s purchase of SmartCover Systems and Itron’s acquisition of Elpis Squared focus on measurement, monitoring, and grid modeling capabilities.
Deal coverage in this geography also highlights how operators integrate new systems into existing networks and services—whether through physical interconnections, expanded collection-system monitoring, or adding software and engineering expertise for utility grid operations and planning.
What Stands Out
- California American Water and American Water show up repeatedly, including completed regulated acquisitions of water systems in California communities.
- Smart monitoring and management remain a core acquisition theme, including Badger Meter adding real-time sewer and lift-station monitoring to its BlueEdge suite.
- Grid operations and analytics are a second technology theme, reflected in Itron’s acquisition of Elpis Squared for distribution grid planning, operations, and engineering.
- Meter-to-cash and AMI expansion appears in CrescoNet’s acquisition of Smart Earth Technologies, bringing cellular endpoints, cloud software, and utility deployments.
- Many transactions are framed around serving additional local customers or improving operations through integration with existing systems.
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December 9, 2025
- Buyer
- California American Water, American Water
- Target
- Yerba Buena Water Company
- Seller
- Yerba Buena Water Company
- Industry
- Utilities
- Location
- California, United States
- Type
- Buyout
California American Water has completed the acquisition of the Yerba Buena Water Company water system, a regulated system serving approximately 250 customers after receiving CPUC approval. The acquisition will transfer service to California American Water immediately and is part of the company’s ongoing inorganic growth in California.
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August 19, 2025
- Buyer
- California American Water
- Target
- Bass Lake Water Company
- Seller
- Bass Lake Water Company
- Industry
- Utilities
- Location
- California, United States
- Type
- Buyout
California American Water applied to the California Public Utilities Commission to purchase the potable water distribution system of Bass Lake Water Company in Madera County, California. The acquisition was later completed and California American Water began serving Bass Lake customers on August 19, 2025.
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- Buyer
- California American Water, American Water
- Target
- Mesa Del Sol water system
- Industry
- Utilities
- Location
- California, United States
- Type
- Buyout
California American Water, a subsidiary of American Water, has acquired the Mesa Del Sol water system in the Corral de Tierra area of Salinas, adding 15 customer connections. The acquisition follows a physical interconnection with California American Water's Toro Park system to resolve water quality issues and will give new customers access to the company's bilingual customer service, online billing, conservation programs and affordability offerings.
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January 31, 2025
- Buyer
- Badger Meter, Inc.
- Target
- SmartCover Systems
- Seller
- XPV Water Partners
- Industry
- Utilities
- Location
- California, United States
- Type
- Buyout
Badger Meter, Inc. has acquired SmartCover Systems from XPV Water Partners, adding real-time sewer and lift station monitoring to its BlueEdge suite of water management solutions. The acquisition expands Badger Meter’s capabilities in collection system monitoring and brings SmartCover’s sensor- and data-driven remote monitoring technology and customer base into Badger Meter’s global smart water offering.
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March 5, 2024
- Buyer
- Itron, Inc.
- Target
- Elpis Squared
- Industry
- Utilities
- Location
- California, United States
- Type
- Buyout
Itron, Inc. has acquired Elpis Squared, a Newport Beach–based provider of software and services for utility grid operations, effective March 5, 2024. The deal expands Itron's Grid Edge Intelligence portfolio by adding Elpis Squared's RE|Grid Suite and expertise in distribution grid planning, operations and engineering to accelerate grid modeling, analytics and operational use of high-resolution grid edge data.
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September 16, 2022
- Buyer
- California American Water, American Water
- Target
- Warring Water Services, Inc.
- Seller
- Glen Pace (President, Warring Water Company, Inc.)
- Industry
- Utilities
- Location
- California, United States
- Type
- Buyout
California American Water, a subsidiary of American Water, acquired privately owned Warring Water Services, Inc., a small water utility serving the community of Piru, California. The California Public Utilities Commission approved the $4.6 million transaction, which brings about 634 customer connections into California American Water’s Ventura County district and expands its local service footprint.
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July 13, 2021
- Buyer
- CrescoNet
- Target
- Smart Earth Technologies
- Industry
- Utilities
- Location
- California, United States
- Type
- Buyout
CrescoNet has acquired Smart Earth Technologies (SET) to expand its LTE/5G-based AMI and meter-to-cash solutions for water utilities. The deal brings SET's cellular endpoints, valves, LTE network infrastructure and cloud software (HES, MDM, CIS) — deployed at 100+ water utilities — into CrescoNet to accelerate product development, grow market reach and provide additional working capital and utility industry talent.
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Frequently Asked Questions
Which buyers are most active in California utilities acquisitions on this page?
The recurring buyers include California American Water, American Water, Itron, Inc., CrescoNet, and Badger Meter, Inc.
Are California water utility acquisitions typically subject to CPUC approval?
Some transactions are explicitly noted as receiving approval from the California Public Utilities Commission, including California American Water’s acquisition of Warring Water Services, Inc. (2022).
What types of targets are being acquired in California utilities deals?
Targets range from regulated potable water distribution systems and related customer bases to utility technology providers such as smart monitoring tools and software/services for grid operations.
What technology areas show up in these California utility acquisitions?
Noted technology areas include smart water management and monitoring (e.g., sewer/lift-station monitoring via Badger Meter) and utility grid software for planning and operations (e.g., Itron’s Grid Edge Intelligence expansion).