Sempra Energy (NYSE: SRE) reported numerous integrated transactions to simplify its energy infrastructure investments within one platform to create scale, portfolio synergies and better positioning for growth. The company has planned to launch a stock for stock exchange offer for publicly traded shares of IEnova with the Sempra Energy exchange shares to list on the Mexican stock exchange. The company announced plans for the formation of a new business platform named Sempra Infrastructure Partners to combine the strength of Sempra LNG and IEnova. The company also plans to sell a non-controlling interest in Sempra Infrastructure Partners to fund growth and highlight underlying value of the platform. Upon obtainment of all required regulatory approvals and fulfilling all other customary conditions, the transactions are expected to complete in the first quarter of 2021.
“We are excited about today’s announcement. In large measure, it is because we believe Sempra Infrastructure Partners is well positioned to be a leader in the global energy transition,” said Jeffrey W. Martin, chairman and CEO of Sempra Energy. “By focusing on the critical need for new energy infrastructure right here in North America, both Sempra LNG and IEnova have created a significant pipeline of development projects that are expected to provide differentiated growth for decades to come. More importantly, this will provide an improved platform for innovation and potential new investments in renewables, hydrogen, energy storage and carbon sequestration.”
“We are especially excited to be listing Sempra Energy shares on the BMV,” added Martin. “Many of Mexico’s most successful companies are listed there, and our plans to list our shares locally is a positive affirmation of our commitment to Mexico and desire to continue investing in the country and improving economic prosperity. As part of Sempra Energy’s family of companies, IEnova has delivered critical energy infrastructure to the country of Mexico for over two decades, supporting economic growth and the health and wellbeing of millions. With the proposed transactions announced today, we are proud to reaffirm our belief in Mexico’s bright future and look forward to helping both Mexico and the U.S. unlock greater opportunities for continued economic collaboration, expansion and prosperity.”