Global law firm White & Case LLP has advised Sempra Energy on an agreement to sell a non-controlling 20 percent interest in its new business platform, Sempra Infrastructure Partners, to KKR for US$3.37 billion in cash. This transaction values Sempra Infrastructure Partners at approximately US$25.2 billion, including expected asset-related debt at closing of US$8.37 billion.
Proceeds from the sale will be used to help fund growth across Sempra Energy’s US$32 billion capital program and to further strengthen its balance sheet.
White & Case is also advising on the announced stock-for-stock exchange offer for the publicly traded shares of IEnova (Infraestructura Energética Nova, S.A.B de C.V.), 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 White & Case team that advised on the transaction was led by partners Thomas Lauria, Michael Deyong and Adam Cieply in New York and partner Christopher Peponis in Houston, and included associate Morgan Somerset and partner David Dreier (M&A), associate Grayson Weeks (Tax), counsel Kerrick Seay and associate Heather Cameron (Debt Finance), partners Arlene Arin Hahn (Intellectual Property), Seth Kerschner (Environmental) and Steven M. Lutt (Real Estate), partner Henrik Patel and associate DeVoia Stewart (Employment Compensation & Benefits) and associate Emma Jakeman (Project Development and Finance), all in New York; partner Rodrigo Dominguez Sotomayor (M&A), associates James Langlois, Carlos Ramón Diaz Sordo and Chantal Carriere (Project Development and Finance) all in Houston; associates Sam Tuttleman and Mona Kalantar (M&A) in Chicago; partner Brenda Dieck (Debt Finance) in Los Angeles; associate John Forbush and partner Daniel Hagan (Energy, Infrastructure and Project Finance), counsel F. Paul Pittman (Data Privacy), and partner Rebecca Farrington (Antitrust) all in Washington, DC; partners Dr. Tilman Kuhn and Dr. Mathis Rust (Antitrust) in Düsseldorf; and counsel Pedro Morales and partner Juan Antonio Martín (Environmental) in Mexico City.
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