Sempra Energy has completed its final move in making Mexican subsidiary Infraestructura Energética Nova (IEnova) a private company by buying up all its publicly-held shares and clearing the way for the creation of the new Sempra North American LNG and gas platform.
IEnova said in a statement that the public cash tender offer launched by Sempra to acquire all of the outstanding ordinary shares had been completed.
“IEnova has filed an application with the Mexican Banking and Securities Commission for the cancellation of the registration of all the shares representing its capital stock from the Mexican Securities Registry, which will result in the de-listing of such shares from the Mexican Stock Exchange, the Bolsa Mexicana de Valores (BMV),” explained IEnova.
IEnova parent Sempra is continuing with process of creating its new energy platform called, Sempra Infrastructure Partners.
The IEnova subsidiary is part of this move by Sempra to bring non-utility infrastructure into one company.
This involved first taking IEnova private as a sole Sempra Infrastructure asset.
The San Diego-based company aims to combine the strengths of Sempra LNG and its Cameron export plant at Hackberry in Louisiana and IEnova’s related assets.
The IEnova subsidiary has become one of the Mexico’s largest energy companies, owning the Costa Azul LNG export project and being a leading developer and operator of Mexican renewable power projects and natural gas pipelines.
Sempra also agreed in April 2021 to sell a non-controlling 20 percent interest in Sempra Infrastructure Partners to US investment fund Kohlberg Kravis Roberts, now known as just KKR, for $3.37 billion in cash.
That transaction valued Sempra Infrastructure Partners at round $25.2Bln, including expected asset-related debt of $8.37Bln.
The buying up of IEnova shares was an integral part of creating Sempra Infrastructure Partners, meaning it now owns the Mexican natural gas infrastructure portfolio, consisting of distribution companies and certain cross-border and in-country pipelines.
These include pipelines carrying US natural gas exported to Mexico and which will supply feed gas for the Costa Azul LNG export plant when completed.
