Sempra Energy has made moves toward integrating its energy infrastructure investments into a new infrastructure platform, according to a Dec. 2 statement from the company.
The company is planning to launch a stock-for-stock exchange offer to acquire the remaining shares of Infraestructura Energética Nova SAB de CV (IEnova). Sempra currently owns 66.43 percent of the shares in the company, according to Reuters.
IEnova is one of the largest private energy companies in Mexico and a developer and operator of pipeline, storage and renewables infrastructure. The deal is valued at $6.13 billion, according to Reuters, representing a 51.4 percent premium over IEnova's 52-week low stock price.
As part of the exchange offer, Sempra intends to list the shares on the Mexico stock exchange. Sempra is expecting to complete the exchange offer by the end of the first quarter of 2021.
In addition, Sempra is also planning to form a new business platform, Sempra Infrastruct