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State PUC Approves Water Firms' Merger

May 19, 2000|A Times Staff Writer

The California Public Utilities Commission voted to approve the merger of California Water Service Group of San Jose and Long Beach-based Dominguez Services Corp. The PUC's action was the final regulatory approval required and the two investor-owned water utilities expect to complete the $63.5-million merger in the next several days. California Water provides services to 1.5 million customers in California and Washington; Dominguez serves 150,000 people, most of them in the South Bay area of Los Angeles County. Shares of Dominguez Services surged $4.50 to close at $33 on Nasdaq; California Water lost $1.13 to close at $24.75 on the NYSE.

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