AWR Receives Approval for CCWC Sale

The Arizona Corporation Commission (ACC) has approved the sale of American States Water Company (ASWR)’s wholly owned subsidiary Chaparral City Water Company (CCWC) for $35m.

In 2010, ASWR signed a stock purchase agreement with EPCOR Water to sell all of the common stock of CCWC, along with the assumption of $6m of long-term debt.

The transaction will be completed in the second quarter of 2011.

ACC also approved CCWC’s decision to retain 50% of the $1.52m received from a settlement agreement with the Fountain Hills Sanitary District, which was made in 2005.