EPCOR is anticipating regulatory approval will be accomplished in 2011. The acquisition of the American States Water Company subsidiary will be funded with cash or debt financing. Chaparal has 12 employees, who are expected to continue to operate the utility within EPCOR once the transaction closes. In addition to its staff, Chaparral assets include a water distribution system and 15 million-gallon-per-day water treatment plant in Fountain Hills.
 

Don Lowry, president and CEO of EPCOR said: “This investment provides EPCOR entry into the water utility market in Arizona. It establishes a base in the US South West from which we intend to grow our water business. Gaining presence in this market is a key part of EPCOR’s growth strategy and we look forward to serving these customers and being an active member of the community.”