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.
