US-based Sempra eyes takeover of Mexican counterpart
Apr 27, 2021 5:37:pm
Summary Mexico’s IEnova would be delisted from the nation’s stock exchange if the offer goes through.
by: Daniel Graeber
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US-based Sempra eyes takeover of Mexican counterpart
Sempra Energy, a US-based energy infrastructure company, announced April 26 it has launched an effort to acquire all of IEnova, its Mexican counterpart, that it doesn’t already own.
“Sempra Energy is offering to exchange each outstanding IEnova ordinary share that it does not directly or indirectly own for 0.0323 shares of Sempra’s common stock,” the company said.
In a prospectus associated with the announcement, Sempra said the main purpose of the exchange offer is to take control of all of the outstanding stock in IEnova owned by public investors.
Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now The stock-for-stock exchange formally launched April 26 is part of a series of transactions by the San Diego-based power provider to simplify how it operates its non-utility energy infrastructure, including midstream gas and LNG assets. Among other things, IEnova is the operator of Energia Costa Azul on Mexico s Pacific Coast, where liquefaction capabilities are being added to the existing regasification facility. When the plans were announced in December, Sempra said it would offer 0.0313 shares of its stock for each share of IEnova stock . The formal offer calls for Sempra to exchange each outstanding IEnova share that it does not own for 0.0323 shares of Sempra stock. The exchange offer will expire May 24 unless it is extended, Sempra said in a statement.
Sempra Energy Launches Exchange Offer For Publicly Owned Shares Of IEnova apnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from apnews.com Daily Mail and Mail on Sunday newspapers.
Sempra Energy has taken preliminary steps to build this liquefied natural gas (LNG) liquefaction and export terminal in Port Arthur, Texas, shown in an artist s rendering. Sempra is selling a portion of its LNG and Mexico infrastructure business. Rendering courtesy of Sempra Energy.
Sempra Energy has agreed to sell a minority stake in a new business entity, Sempra Infrastructure Partners, to investment firm KKR for $3.37 billion cash. The San Diego corporation announced the move on April 5.
Sempra said it plans to use the proceeds to fund the growth of its U.S. utilities and strengthen its balance sheet.
The transaction still needs regulatory approval and is expected to close in the middle of 2021. The Sempra Infrastructure Partners business unit will include Sempra’s liquefied natural gas (LNG) business as well as its Mexico operations. Sempra operates gas pipelines, petroleum storage, power plants and other energy infrastructure in Mexico under the name IEnova.
Sempra Energy has taken preliminary steps to build this liquefied natural gas (LNG) liquefaction and export terminal in Port Arthur, Texas, shown in an artist s rendering. Sempra is selling a portion of its LNG and Mexico infrastructure business. Rendering courtesy of Sempra Energy.
Sempra Energy has agreed to sell a minority stake in a new business entity, Sempra Infrastructure Partners, to investment firm KKR for $3.
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