Southern Company completes acquisition of PowerSecure International, Inc.

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May 9, 2016

Southern Company completes acquisition of PowerSecure International, Inc.

Southern Company (NYSE: SO) and PowerSecure International, Inc. (NYSE: POWR) today completed their merger, with PowerSecure becoming a wholly owned subsidiary of Southern Company.

Southern Company's existing business model provides an opportunity to leverage PowerSecure's unique expertise to help meet customers' energy needs using advanced technologies. Southern Company has acquired a premier provider of distributed infrastructure, offering primarily commercial and industrial customers innovative solutions to meet their individual reliability, energy efficiency or green objectives. Recognizing that these technologies typically receive highest demand in areas outside of the Southeast - where there is greater opportunity to improve electric reliability, price and customer service - this acquisition positions Southern Company to advance distributed infrastructure development across the U.S.

"For more than a century, the Southern Company system has provided quality service by generating and delivering affordable, reliable electricity to the customer's meter," said Southern Company Chairman, President and CEO Thomas A. Fanning. "Today we are thrilled to draw on PowerSecure's nationally recognized expertise to deliver even greater customer value by developing innovative technologies on the other side of the meter."

Under the terms of the agreement, PowerSecure's stockholders received $18.75 in cash in exchange for each share of PowerSecure common stock on May 9, for a total purchase price of approximately $425 million. PowerSecure's common stock ceased trading on the New York Stock Exchange immediately prior to market open on May 9.

PowerSecure's operations, including its management team and corporate headquarters, will continue to be based in Wake Forest, N.C.

Jones Day, Gibson Dunn & Crutcher LLP and Troutman Sanders LLP served as legal counsel to Southern Company. J.P. Morgan Securities LLC served as the exclusive financial advisor to PowerSecure and Wachtell, Lipton, Rosen & Katz and Kegler Brown Hill + Ritter served as legal counsel to PowerSecure.

Learn more about energy technologies and services at powersecure.com.