Semco Energy, Cap Rock acquisition approved; closing expected in early November

By Devika Patel

Knoxville, Tenn., Oct. 10 - Semco Energy Inc. announced that Cap Rock Holding Corp. received final approval from the Regulatory Commission of Alaska for its acquisition of Semco Energy.

With this approval, all required approvals for the proposed transaction have been obtained. The closing of the transaction is expected to occur in early November.

"We are pleased to have completed the regulatory review process and look forward to closing the transaction in the early-November timeframe," Semco Energy's chairman of the board of directors Donald W. Thomason said in a press release.

Semco Energy shareholders will be mailed information detailing the process and timeline for redeeming their stock certificates following the closing.

Under a Feb. 23, 2007 definitive agreement, Cap Rock will acquire all the outstanding common stock of Semco for $8.15 per share in cash in a transaction valued at about $867 million, including debt. Holders of series B preferred stock will receive $213.07 per share plus a make-whole premium.

Semco Energy is a Port Huron, Mich., distributor of natural gas to customers in Michigan and Alaska. Cap Rock is a Midland, Texas, utility holding company with electric utility transmission and distribution assets serving 28 counties in Texas.

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