Regulatory Commission of Alaska OKs Cap Rock’s purchase of Semco, Enstar

Michigan-based Semco Energy said Oct. 10 that Cap Rock Holding Corp. received its final regulatory order for its acquisition of Semco Energy. The order came from the Regulatory Commission of Alaska.

All shareholder and required regulatory approvals for the proposed deal have been obtained, the company said, noting that the closing “remains subject to contractual conditions applicable to both Semco and Cap Rock, but 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,” said Donald W. Thomason, Semco’s chairman of the board.

George A. Schreiber Jr., president and chief executive officer of Semco, said, “The RCA thoroughly reviewed the proposed share exchange, and I am very pleased that it found the proposed transaction to be in the public interest.”

As Semco Energy Gas Co., Semco Energy Inc. distributes natural gas to more than 400,000 customers in Michigan. In Alaska, its subsidiary is Enstar Natural Gas Co. It also owns and operates businesses involved in propane distribution, intrastate pipelines and natural gas storage in various parts of the United States.

Through its regulated subsidiary Cap Rock Energy Corp., Cap Rock Holding Corp. transmits and distributes power to residential and commercial customers in 28 counties in Texas. Cap Rock doesn’t have generation facilities; rather, it purchases power wholesale through long-term power supply contracts.

—Petroleum News