Sempra divests 100% stake in Chilquinta Energía

Sempra Energy has entered into an agreement to sell its 100% stake in Chilquinta Energía S.A., to State Grid International Development Limited (SGID). Sempra Energy's interests will be sold for US$2.23 billion in cash, subject to adjustments for working capital and net indebtedness and other adjustments.

The sale to SGID is expected to be completed in the first quarter of 2020, subject to customary closing conditions, including approval by the Chilean anti-trust authority, certain Chinese regulatory approvals and approval by the Bermuda Monetary Authority.

BofA Merrill Lynch and Lazard are serving as financial advisors to Sempra Energy on the sales, and White & Case is serving as legal advisor.

Chilquinta Energía is the third largest distributor of electricity in Chile. Chilquinta Energía provides electricity to approximately 2 million consumers in the regions of Valparaíso and Maule in central Chile, and is also active in the development and operation of electric transmission lines.