Arizona Corporation Commission to Consider Acquisition of UniSource Energy.TUCSON,Ariz. -- The Arizona Corporation Commission (ACC See adaptive cruise control. ) will meet Monday, Dec. 20, 2004, to consider an application seeking approval of the proposed acquisition of UniSource Energy Corp. (NYSE NYSE See: New York Stock Exchange :UNS). UniSource Energy expects that the ACC will render its decision at the conclusion of the meeting. The meeting will begin at 10 a.m. MST in the ACC's hearing room in Tucson. If a decision is not reached Monday, the meeting will continue on Tuesday, Dec. 21. A live audio webcast of the meeting will be available on the ACC's Web site, www.cc.state.az.us. UniSource Energy has entered into an agreement providing for the acquisition of the company's outstanding common stock for $25.25 per share by an affiliate of Saguaro saguaro: see cactus. saguaro Large, candelabra-shaped, branched cactus (Cereus giganteus, or Carnegiea gigantea) native to Mexico, Arizona, and California. Slow-growing at first, mature saguaros may eventually reach 50 ft (15 m) in height. Utility Group L.P. (Saguaro). Saguaro is an Arizona limited partnership whose general partner is Sage Mountain, L.L.C., and whose limited partners include investment funds affiliated with Kohlberg Kravis Roberts Kohlberg Kravis Roberts & Co (commonly referred to as KKR) is a New York City-based private equity firm that focuses primarily on late-stage leveraged buyouts. It was founded in 1976 by Jerome Kohlberg, Jr., and cousins Henry Kravis and George R. & Co., L.P., J.P. Morgan Partners, LLC and Wachovia Capital Partners. UniSource Energy shareholders voted to approve the transaction on March 29, 2004. The transaction has satisfied the requirements under the Hart-Scott-Rodino Antitrust Improvements Act The Hart-Scott-Rodino Antitrust Improvements Act of 1976 (Public Law 94-435, known commonly as the HSR Act) is a set of amendments to the antitrust laws of the United States, principally the Clayton Antitrust Act. The HSR Act was signed into law by President Gerald R. and has received the approval of the Federal Energy Regulatory Commission The Federal Energy Regulatory Commission (FERC) is the United States federal agency with jurisdiction over electricity sales, wholesale electric rates, hydroelectric licensing, natural gas pricing, and oil pipeline rates. under the Federal Power Act. In addition to ACC approval, the acquisition still requires approval from the Securities and Exchange Commission (SEC) under the Public Utility Holding Company Act Public Utility Holding Company Act The 1935 act that gives the SEC authority over the security issues, the accounting systems, the corporate structures, and the intercompany transactions of public utilities. of 1935. If the ACC and SEC approve the acquisition, UniSource Energy expects to close the transaction by the end of the first quarter of 2005. UniSource Energy's primary subsidiaries include TEP, which provides electric service to more than 370,000 customers in the Tucson area; UES, provider of natural gas and electric service to more than 206,000 customers in northern and southern Arizona; and Millennium Energy Holdings, parent company of UniSource Energy's unregulated energy businesses. For more information about UniSource Energy and its subsidiaries, visit www.UniSourceEnergy.com. |
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