Sempra Energy Company announced that it conducted several integrated transactions aiming at simplifying the company’s investments in the energy infrastructure under one platform, creating scale, unlocking portfolio synergies and better positioning the business for growth, a press release reported.
The first transaction is launching a stock- for-stock exchange offer for the publicly traded share of IEnova with Sempra Energy exchange shares to be listed on the Mexican stock exchange. The second one is the plan for establishing new business platform which is Sempra’s Infrastructure partners.
The last transaction the company conducted is to sell a non- controlling interest in Sempra Infrastructure Partners in order to fund growth and highlight the value of platform. Sempra is expecting to complete these transactions during the first quarter of 2021 when obtaining all required and regulatory approvals.
Jeffrey W. Martin, chairman and CEO of Sempra Energy, said “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,”.
“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.”, Martin added.