Sempra Energy enters deal to sell non-controlling interest In Sempra Infrastructure Partners

Sempra Energy has entered into a definitive agreement to sell a non-controlling, 20% interest in Sempra Energy's new business platform, Sempra Infrastructure Partners, to KKR for US$3.37 billion in cash. KKR is a leading global investment firm.

The deal is part of a series of integrated transactions originally announced in December 2020 that are intended to simplify Sempra Energy's non-utility infrastructure investments under one self-funding platform, combining the strengths of Sempra LNG, a leading developer of liquefied natural gas (LNG) export infrastructure, and IEnova (Infraestructura Energética Nova, S.A.B de C.V.), one of the largest private energy companies in Mexico and a leading developer and operator of renewables and natural gas infrastructure in that country. This new platform is expected to create scale, unlock portfolio synergies, highlight value, and better position the business for growth

The transaction is expected to be completed by mid-2021, subject to customary closing conditions, including consents from certain third parties and regulators.

Goldman Sachs & Co. LLC is serving as financial advisor and White & Case LLP is serving as legal advisor to Sempra Energy on this transaction. Credit Suisse Securities (USA) LLC and Mizuho Securities USA LLC are serving as financial advisors and Simpson Thacher & Bartlett LLP and Creel, García-Cuéllar, Aiza y Enríquez, S.C. are serving as legal advisors to KKR.