The American energy company Sempra, which recently absorbed again what was its Mexican subsidiary, IEnova, entered into a definitive sale and purchase agreement to sell a 10% non-controlling interest in Sempra Infrastructure Partners (Sempra Infrastructure) to a subsidiary of Abu Dhabi Investment Authority (ADIA), for 1,785 million dollars in cash, amount subject to customary closing adjustments.
The operation involves a valuation of the company of Sempra Infrastructure for $ 26.5 billion, including asset-related debt of approximately $ 8.6 billion.
In October, Sempra concluded the sale of a 20% non-controlling interest in Sempra Infrastructure to a wholly owned affiliate of the fund KKR. At the close of the transaction announced on Tuesday, Sempra will have a 70% controlling interest in Sempra Infrastructure.
“We are excited to add ADIA to the partnership at Sempra Infrastructure. As an investor with a global reach, we look forward to ADIA helping our team build a platform for growth with increasingly global capabilities, ”said Jeffrey W. Martin, president and CEO of Sempra. “The timing of the operation is attractive because it allows us to efficiently rotate capital into a growing number of investment opportunities in our utilities and return capital to our shareholders in the form of share buybacks.”
Sempra Infrastructure was created earlier this year through the consolidation of two infrastructure companies – Sempra LNG and Infraestructura Energética Nova. The combined business consists of three growth platforms – clean energy solutions, energy infrastructure networks, and LNG and net zero emissions.
“At ADIA, we see tremendous opportunity in the continued transformation of global energy markets. Few companies in North America are as well positioned as Sempra Infrastructure to build the new energy systems of the 21st century. We look forward to consolidating the partnership with Sempra and KKR to advance Sempra Infrastructure’s business prospects, ”said Khadem AlRemeithi, CEO. of Real Estate and Infrastructure of ADIA.
The operation is expected to conclude in the summer of 2022, subject to certain customary closing conditions and consents from regulators. Under the terms of the agreement, ADIA will have certain customary minority rights in Sempra Infrastructure, in proportion to the size of your investment.
Proceeds from the sale will be used to help finance incremental capital investments in the public utilities of Sempra and to buy back shares of the company for $ 500 million, of which $ 300 million was completed in the fourth quarter of this year, and at the same time strengthening the company’s balance sheet. The operation is expected to be reflected in profits as resources are invested, the US company explained in a statement.
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Reference-www.eleconomista.com.mx