Benzinga | Apr 26, 2021 11:25AM EDT

Sempra Energy Launches Exchange Offer For Publicly Owned Shares Of IEnova

Sempra Energy (NYSE:SRE) today announced that it has launched its exchange offer to acquire all the outstanding shares of IEnova (Infraestructura Energ?tica Nova, S.A.B de C.V.) not owned by Sempra Energy. As part of the exchange offer, Sempra Energy intends to list its shares of common stock on the Mexican stock exchange (Bolsa Mexicana de Valores, S.A.B de C.V. -- "BMV").

"At Sempra Energy, we are excited to launch the process to list our company's shares on the BMV," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "As part of the Sempra Energy family of companies, IEnova has delivered critical energy infrastructure to the country of Mexico for over two decades, supporting economic growth and the health and prosperity of millions. We look forward to building on that track record of success and collaboration."

In the exchange offer, Sempra Energy is offering to exchange each outstanding IEnova ordinary share that it does not own for 0.0323 shares of Sempra Energy's common stock. The exchange offer was launched today and is expected to expire at 3 p.m. ET (New York City Time) or 2 p.m. CT (Mexico CityTime), on May 24, 2021, unless the offer period is extended.

"We are excited to continue contributing to Mexico's bright future through our investments in critical energy infrastructure to support economic collaboration, expansion and prosperity in the country," said Tania Ortiz, CEO of IEnova.

The exchange offer is part of a series of transactions originally announced in December 2020 that are intended to simplify Sempra Energy's non-utility infrastructure investments under one self-funding platform, Sempra Infrastructure Partners, combining the strengths of Sempra LNG, a leading developer of liquefied natural gas (LNG) export infrastructure, and IEnova, one of the largest private energy companies in Mexico and a leading developer and operator of renewables and natural gas infrastructure in that country. The new platform is expected to create scale, unlock portfolio synergies, highlight value and better position the business for growth. Earlier this month, Sempra Energy announced that it has entered into a definitive agreement to sell a non-controlling, 20% interest in Sempra Infrastructure Partners to KKR for $3.37 billion in cash, subject to adjustments.