Deals
KKR to Buy Stake in Sempra Infrastructure for $3.37 Billion
- Sempra will use proceeds to fund growth of its U.S. utilities
- Move comes as Sempra pushes to simplify corporate structure
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KKR & Co. agreed to pay $3.37 billion for a 20% stake in a Sempra Energy unit comprising the U.S. company’s infrastructure assets, including a liquefied natural gas project and a Mexican renewables and pipelines operator.
It’s the latest example of a broader push among U.S. utilities eschewing diversification to focus on providing electricity and gas to homes and businesses. The deal values Sempra Infrastructure Partners at about $25.2 billion, including expected asset-related debt, Sempra said Monday in a statement.