Yuma Sun

City of Maricopa scraps idea to buy Global Water company

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MARICOPA, Ariz. — The city of Maricopa has scrapped an idea to buy a private water company amid customer complaints about service interrupti­ons and sudden spikes in water bills.

The Maricopa Monitor reports the city hired Piper Jaffray, an investment bank and asset management firm, to conduct research on the possibilit­y of acquiring Global Water, but learned the company was not interested in selling.

Piper Jaffray says the estimated valuation of the company is anywhere from $75 million to $107 million, much less than the company’s own valuation of $500 million.

Maricopa Mayor Christian Price says the next step is to continue watching the company and demand it provide better services.

Global Water CEO Ron Fleming says he has never spoken to the Piper Jaffray representa­tive.

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