Sempra Plans Reorganization, to Bid for Publicly Traded IEnova Shares
December 02 2020 - 8:30AM
Dow Jones News
By Matt Grossman
Sempra Energy said it would launch a stock-for-stock exchange
bid to acquire publicly traded shares of IEnova, a Mexican
energy-infrastructure company.
Sempra plans to integrate IEnova with its liquified-natural-gas
segment under a new business platform, the company said
Wednesday.
In the proposed deal, Sempra would acquire all the outstanding
shares of IEnova it does not already own, exchanging 0.0313 Sempra
shares for each IEnova share. The deal implies a share price of 82
Mexican pesos, or about $4.09. The price is an 11.6% premium over
IEnova's 30-day volume-weighted average share price, Sempra
said.
Sempra's exchange shares would be listed on the Mexican stock
exchange, the company said.
Sempra detailed plans to combine IEnova with Sempra LNG, its
liquified-natural-gas infrastructure arm, under a new business
platform called Sempra Infrastructure Partners. The reorganization
would simplify the company's energy-infrastructure investments and
create scale, Sempra Chairman and Chief Executive Jeffrey W. Martin
said.
Sempra also plans to sell a non-controlling interest in Sempra
Infrastructure Partners in order to fund growth, the company
said.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
December 02, 2020 08:15 ET (13:15 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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