September 7, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — SouthWest Water Company (NASDAQ: SWWC) said it has received approval for its proposed buyout by a group of institutional investors from the California Public Utilities Commission, a required condition to closing. The company said it previously received regulatory clearance from four of the five required state public utility regulators.

California was the sole remaining state approval needed. SouthWest Water said it anticipates the transaction will close on September 13.

On March 3, the company said it agreed to be acquired by institutional investors advised by J.P. Morgan Asset Management and Water Asset Management, LLC.

In early August, SouthWest Water stockholders approved the merger agreement. Under the agreement, SouthWest Water stockholders will be entitled to receive $11 per share.

California-based SouthWest Water provides a range of operations, maintenance and management services, including water production, treatment and distribution; wastewater collection and treatment; customer service; and utility infrastructure construction management.

The company owns regulated public utilities and also serves cities, utility districts and private companies under contract. The firm serves more than a million people in nine states.

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