Sempra (NYSE:SRE; BMV:SRE) on Tuesday said it is offloading a non-controlling 10% stake in Sempra Infrastructure Partners to the Abu Dhabi Investment Authority (ADIA) for around USD 1.8 billion (EUR 1.6bn) in cash.
The transaction values the whole of Sempra Infrastructure at USD 26.5 billion including debt.
To form the division earlier this year, Sempra merged its Sempra LNG unit with Mexican energy distributor Infraestructura Energetica Nova, or IEnova, which it bought out during 2021. IEnova develops energy infrastructure including solar and wind parks.
The new firm has activities in clean power, energy networks as well as liquid natural gas (LNG) and net-zero solutions, with a focus on seizing more energy transition opportunities.
"The timing of the transaction is attractive because it allows us to efficiently rotate capital into a growing set of investment opportunities at our utilities and return capital to our owners in the form of share repurchases. This transaction allows us to do both, while also supporting our balance sheet," Sempra CEO and chairman Jeffrey W. Martin said.
ADIA will join US buyout firm KKR (NYSE:KKR), which bought a 20% non-controlling interest in Sempra Infrastructure in April. Sempra itself retains a 70% stake.
The transaction, which requires regulatory approvals, is projected to close in the summer of 2022.
(USD 1 = EUR 0.885)
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