The $6.2 billion merger of Enova Corp. and Pacific Enterprisesfinally became official last week following approval of theSecurities and Exchange Commission. The merger creates SempraEnergy, a new San Diego-based Fortune 500 energy services holdingcompany with 12,000 employees, $10 billion in assets and thelargest regulated utility customer base in the nation.

“We’ve traveled a long road – spanning 20 months of regulatoryreviews by six agencies – to bring two blue-chip companiestogether, each with a century-long history of superiorperformance,” said Sempra CEO Richard D. Farman, formerly CEOPacific Enterprises.

“We now have an organization with the size, scope and resourcesto compete head-on with the nation’s largest energy companies. Wewill distinguish ourselves by moving rapidly, providingenergy-based solutions that truly work for our customers.”

The integration of the operations of the two companies will becomplete by July 1, with headquarters in San Diego. Principalutility subsidiaries SoCalGas and SDG&E – which will remainbased in Los Angeles and San Diego, respectively – will continue tooperate as independent utilities.

Pacific Enterprises shareholders will receive 1.5038 shares ofSempra Energy common stock for each share of PE stock. Enovashareholders receive one share of Sempra for each share of Enovastock.

©Copyright 1998 Intelligence Press Inc. All rights reserved. Thepreceding news report may not be republished or redistributed, inwhole or in part, in any form, without prior written consent ofIntelligence Press,Inc.