Alberta utility buying companies for US$470M
by The Canadian Press
EPCOR Utilities Inc. expands into US
Arizona American Water is a subsidiary with 200 workers that provides water and wastewater services to more than 156,000 customers in the Phoenix area.
New Mexico American Water services 17,000 customers in Clovis and Albuquerque, N.M.
The subsidiaries are expected to keep operating the utilities for EPCOR.
Don Lowry, EPCOR’s president and CEO, said the final deal with give EPCOR USA a stronger hold in the US southwest.
Earlier last year, EPCOR bought another Phoenix-area utility, Chaparral City Water Co., for US$35 million in cash.
EPCOR also recently sold about $200 million shares of Capital Power Corp., a publicly-traded electricity producer it controls.