American States Water Company Announces Regulatory Approval of the Sale of Its Arizona Utility

American States Water Company AWR today reported that on March 30, 2011 the Arizona Corporation Commission approved the sale of AWR's wholly-owned subsidiary in Arizona, Chaparral City Water Company. On June 7, 2010, AWR entered into a stock purchase agreement with EPCOR Water Inc. to sell all of the common stock of CCWC for a total purchase price of $35 million, including the assumption of approximately $6 million of long-term debt. The purchase price is subject to certain adjustments for changes in retained earnings. The consummation of the transaction contemplated by the agreement is subject to customary conditions. The transaction is expected to be completed during the second quarter of 2011.