Sempra Energy has offered to take full ownership of Infraestructura Energética Nova (IEnova) by buying the remaining 29.83% stake in the Mexican energy infrastructure company in an all-stock transaction.
The proposed deal values 100% of IEnova at $6.13bn, reported Reuters.
IEnova is engaged in developing, constructing, and operating energy infrastructure in Mexico.
The non-binding offer from the US-based energy services company implies a price of MXN82 ($4.1) per IEnova ordinary share.
IEnova stated: “IEnova’s Board of Directors, with the opinion of its Corporate Practices Committee, will conduct an evaluation of the proposed tender offer in the terms and timeframe required by the Mexican Securities Law.”
Sempra Energy expects to complete the exchange offer by the end of the first quarter of 2021, subject to authorisation from the US Securities and Exchange Commission (SEC), Mexican Comisión Nacional Bancaria y de Valores (CNBV), and BMV (Mexican Stock Exchange).
Sempra Energy chairman and CEO Jeffrey Martin 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.”
Sempra Infrastructure Partners to hold 4GW of renewable energy projects
Sempra Energy has also announced plans to create a new business platform called Sempra Infrastructure Partners.
Intended to simplify and add scale to its infrastructure business across North America, the new platform will engage in the development and construction of LNG export infrastructure, natural gas infrastructure, and renewable energy generation in the region.
Sempra Infrastructure Partners’ assets will include a portfolio of nearly 45 million tonnes per annum (Mtpa) of LNG export capacity, either in development, construction, or operation.
Its natural gas infrastructure portfolio will be made up of distribution firms and some cross-border and in-country pipelines.
The renewable portfolio of Sempra Infrastructure Partners will have nearly 4GW of projects in different stages in Mexico along with their associated electric transmission infrastructure.
Sempra Energy has also started a process to divest a non-controlling stake in the new platform with an objective to fund growth and highlight the value of its overall portfolio.
