PHOENIX, Jan. 31, 2012 /PRNewswire/ - EPCOR Water (USA) Inc. (EPCOR USA), an indirect wholly owned subsidiary of EPCOR Utilities Inc., has completed the previously announced acquisition of all of the issued and outstanding stock of Arizona American Water Company and New Mexico American Water Company, Inc., formerly wholly owned subsidiaries of American Water Works Company Inc. (American Water).
"This important acquisition establishes EPCOR USA as a premier provider of safe and reliable water services in Arizona and New Mexico and builds off our 2011 acquisition of Chaparral City Water Company in Fountain Hills, Arizona," said EPCOR Water USA President Joe Gysel. "We are pleased to introduce ourselves to our new customers, and look forward to playing a role in the communities we serve."
The closing completes the transactions contemplated by the stock purchase agreement entered into in January 2011 between EPCOR USA and American Water. The US $470-million acquisition was subject to, among other things, public utility regulatory approvals in both states which were received in late 2011.
As a result of the acquisition, EPCOR USA is the owner of regulated utilities providing water service to approximately 106,000 metered customers and wastewater services to 51,000 customers in 11 Arizona municipalities in Maricopa, Mohave and Santa Cruz counties. In addition, EPCOR USA's utilities now provide water and wastewater services in the City of Clovis, as well as the greater Edgewood area near Albuquerque, serving more than 17,000 customers.
About 220 people work at the acquired water operations and are welcome additions to EPCOR USA.
This is EPCOR USA's second acquisition in the U.S. Southwest completed in the last year. In June 2011, the company took ownership of Chaparral City Water Company in Fountain Hills, Arizona from American States Water Company. Chaparral City serves 13,000 customers in that area.
EPCOR Utilities Inc.'s wholly owned subsidiaries build, own and operate electrical transmission and distribution networks, water and wastewater treatment facilities and infrastructure in Canada and the United States. EPCOR, headquartered in Edmonton, Alberta, is an Alberta Top 50 employer. EPCOR's website is www.epcor.ca.
EPCOR Water (USA) Inc.'s wholly owned subsidiaries build, own and operate water and wastewater treatment facilities and infrastructure in the American Southwest. EPCOR USA is headquartered in Phoenix, Arizona.
SOURCE EPCOR Utilities Inc.