Semco Energy's acquisition by Cap Rock complete

By Lisa Kerner

Charlotte, N.C., Nov. 9 - Cap Rock Holding Corp. acquired all the outstanding common stock and 5% series B preferred stock of Semco Energy, Inc. in a transaction valued at $867 million including debt.

Semco Energy shareholders will receive $8.15 cash per common share, and holders of series B preferred stock will receive $213.07 per share plus a make-whole premium calculated at closing of $19.9720, a company news release stated.

In connection with the closing, Semco Energy accepted for purchase $145.08 million of its 7 1/8% senior notes due 2008 and $199.87 million of its 7¾% senior notes due 2013 in a tender offer that ended at 10 a.m. ET on Friday.

Cap Rock is a New York-based utility holding company with electric utility transmission and distribution assets in Texas.

Semco Energy is a natural gas distributor based in Port Huron, Mich.

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