Sempra Energy is bumping up its ownership interest in IEnova (Infraestructura Energética Nova), one of the largest private energy companies in Mexico, to 96.4 percent, with the settlement of a new exchange offer.
Sempra Energy offered to exchange each outstanding IEnova ordinary share that it does not own for 0.0323 shares of Sempra Energy's common stock. Of the 433.2 million IEnova ordinary shares eligible for participation in the exchange offer, 381.0 million ordinary shares were validly tendered and accepted. In exchange for the ordinary shares, Sempra Energy will issue 12.3 million shares of its common stock to the IEnova shareholders who participated in the exchange offer.
The settlement of the exchange offer is expected to occur on May 28, when Sempra Energy’s common stock will also begin to trade on the Mexican Stock Exchange (BMV).
“Today's announcement advances our financial strength as part of the Sempra Infrastructure platform and bolsters our co
