AmericasContracts and TendersCorporate

KKR to buy 20 percent stake in Sempra unit for $3.37 billion

By LNG Prime Staff
KKR to buy 20 percent stake in Sempra unit for $3.37 billion
Image: Sempra Energy

US LNG operator and energy firm Sempra said it would sell a 20 percent stake in its new business platform, Sempra Infrastructure Partners, to investment company KKR for $3.37 billion in cash.

The deal announced on Monday values Sempra Infrastructure Partners at about $25.2 billion, including expected asset-related debt at closing of $8.37 billion, Sempra said in a statement.

In addition, KKR will complete the investment through its Global Infrastructure Investors Funds.

According to Sempra, the transaction should close by mid-2021, subject to customary closing conditions.

The new agreement follows a series of integrated transactions revealed in December as Sempra looks to simplify its non-utility infrastructure investments under one self-funding platform.

The company then said it would combine IEnova with its North American liquefied natural gas export infrastructure unit, Sempra LNG, under a new subsidiary named Sempra Infrastructure Partners.

Sempra said it would use the proceeds from the new transaction to help fund growth across the firm’s $32 billion capital program, mainly centered on its US utilities but also to further strengthen its balance sheet.

Most Popular

LNG Terminals

Delfin takes FID on first FLNG

Delfin Midstream has taken a final investment decision for the first 4.4 mtpa floating liquefied natural gas unit of its LNG project under development in Louisiana. Delfin says the FLNG is the first floating liquefaction facility in the United States and the world's largest FLNG.
Contracts and Tenders

Samsung Heavy secures FLNG order from Delfin

South Korea's Samsung Heavy Industries has secured an order worth approximately $2.88 billion to build the first floating LNG production unit for Delfin Midstream, the US developer of a floating LNG export project offshore Louisiana, according to shipbuilding sources.
Contracts and Tenders

Macquarie to buy more LNG from Amigo LNG

A unit of Australia's Macquarie has agreed to buy more LNG from Amigo LNG's planned 7.8 mtpa LNG export plant in Mexico.

More News Like This

LNG Terminals

Sempra’s Port Arthur LNG seeks approval for cooldown cargoes

Sempra's Port Arthur LNG is seeking approval from the US Department of Energy to receive cooldown cargoes and re-export LNG from its Texas facility as part of the commissioning process.
LNG Terminals

Sempra’s ECA LNG to kick off LNG production in June

US LNG exporter Sempra still expects to start producing LNG at the first phase of its Energia Costa Azul LNG export terminal in Mexico in June, according to Sempra's management.
LNG Terminals

Construction advances on Port Arthur LNG terminal

US LNG exporter Sempra Infrastructure, a unit of Sempra, and compatriot Bechtel continue to make progress on the construction of the Port Arthur LNG export terminal in Texas.
LNG Terminals

Sempra’s ECA LNG gets DOE extension

US LNG exporter Sempra has secured a six-month extension from the US Department of Energy to start LNG exports from the first phase of its Energia Costa Azul LNG export terminal in Mexico to non-FTA countries.