Sempra sells 10% to Abu Dhabi fund

The US energy company Sempra, which recently absorbed again what was its Mexican subsidiary, IEnova, which in just under two decades became the private firm with the most assets in the country, entered into a definitive 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 in cash, subject to customary closing adjustments.

The transaction involves a valuation of the Sempra Infrastructure company for $ 26.5 billion, including debt related to assets of approximately $ 8.6 billion.

In October, Sempra completed the sale of a 20% non-controlling stake in Sempra Infrastructure to a wholly owned KKR affiliate. At the close of the transaction announced on Tuesday, Sempra will have a 70% controlling stake in Sempra Infrastructure.

Sempra Infrastructure was created earlier this year through the consolidation of two world-class 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,” said Khadem AlRemeithi, ADIA’s executive director of Real Estate and Infrastructure. The operation is expected to conclude in the summer of 2022.

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