Updated 5:17 PM ET March 14, 2000

Amer States Water To Buy Water Co In Arizona For $31.2 Million

SAN DIMAS, Calif. -(Dow Jones)- American States Water Co. (AWR)
agreed to acquire Chaparral City Water Co. of Arizona for $31.2
million in cash, less excluding debt.

American States said in a press release Tuesday that the deal,
expected to close by the end of the year, will add to earnings after
the first year.

The deal is subject to regulatory conditions and will be accounted
for as a purchase. It doesn't require shareholder approval.

Chaparral serves serves about 10,000 customers in Fountain Hills,
Ariz. and Scottsdale, Ariz. Chaparral is owned by MCO Properties
Inc., a unit of Maxxam Inc. (MXM).

American States, with 1999 sales of $173.4 million, serves 10
counties in California.

-Thomas Matthews; Dow Jones Newswires; 201-938-5400
(This story was originally published by Dow Jones Newswires)
Copyright (c) 2000 Dow Jones & Company, Inc.

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