UAE - Mubasher: The US-based Sempra has signed a definitive agreement to sell a 10% non-controlling stake in Sempra Infrastructure Partners to a subsidiary of the Abu Dhabi Investment Authority (ADIA) in exchange for $1.785 billion.
Subject to customary closing adjustments, the transaction implies a $26.5 billion enterprise value for Sempra Infrastructure, including asset-related debt of around $8.6 billion, according to a recent press release.
In October, Sempra has sold a 20% non-controlling stake in Sempra Infrastructure to a wholly-owned affiliate of KKR; hence, Sempra will own a 70% controlling stake in Sempra Infrastructure upon closing of the transaction.
Expected to be completed in the summer of 2022, the transaction will enable ADIA to hold certain customary minority rights with respect to Sempra Infrastructure.
Sempra Infrastructure was established by combining Sempra LNG and Infraestructura Energética Nova (IEnova), owning three growth platforms of clean power, energy networks, and LNG and net-zero solutions.
The Chairman and CEO of Sempra, Jeffrey W. Martin, said: "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."
The Executive Director of the Real Estate and Infrastructure Department at ADIA, Khadem Al Remeithi, remarked: "At ADIA, we see tremendous opportunity in the ongoing transformation of global energy markets. In North America, few businesses are as well-positioned as Sempra Infrastructure to build the new energy systems for the 21st century."
