Sempra Energy “will be well-positioned to be a leader in the global energy transition” when it brings all of its energy infrastructure investments together on a new platform.
The new business platform will be called Sempra Infrastructure Partners and will combine Sempra LNG – the assets of which include the Cameron LNG project and the Port Arthur LNG facility in the US – and IEnova, one of the largest private energy companies in Mexico.
As part of the move, the company has also announced a number of transactions. These include an offer for all the publicly traded shares of IEnova that it does not already hold.
Sempra Energy has offered 0.0313 of shares in its common stock for each ordinary share of IEnova, representing a premium of 11.6 percent over IEnova’s 30-day volume-weighted average stock price. Reuters reports that the offer for the shares amounts to $6.13 billion based on the closing price of the shares on the Mexican stock exchange, the Bolsa Mexicana de Valores, and that Sempra currently owns 66.43 percent of IEnova.
Jeffrey W. Martin, chairman and CEO of Sempra Energy, said: “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.”
For more information visit www.sempra.com