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Semco Energy to be sold to Texas company in $867M deal.(Cap Rock Holding Corp.)
Crain's Detroit Business, February, 2007 by Lane, Amy
Byline: Amy Lane A Texas energy company is buying Port Huron-based Semco Energy Inc., in an $867 million deal that includes the assumption of $515 million in debt. Semco (NYSE: SEN) announced the planned sale Friday, saying Midland, Texas-based Cap Rock Holding Corp. made an attractive offer for an acquisition that will leave Semco stronger.
The company's headquarters will stay in Port Huron and current Semco management is expected to remain in place. Semco currently does not anticipate any changes in its employment levels. Semco employs 600 people in Michigan and Alaska. Semco's board, upon recommendation of its finance committee, approved the agreement and recommends that holders of Semco's common stock approve the transaction. "After careful...
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