Black River B 2017 Inc. entered into an agreement to acquire 10% stake in Sempra Infrastructure Partners, LP from Sempra (NYSE:SRE) for $1.8 billion on December 21, 2021. The aggregate purchase price of $1.785 billion, is subject to certain adjustments. Under the terms of the agreement, Black River B 2017 Inc. will have certain customary minority rights with respect to Sempra Global, commensurate with the size of the investment.

Upon closing of the transaction, Sempra, KKR and ADIA will own 70%, 20%, and 10%, respectively, of the outstanding Class A Units of Sempra Global. The transaction is subject to receipt of certain regulatory approvals, including in Mexico by the Comisión Federal de Competencia Económica and in the United States by the Federal Energy Regulatory Commission and the Department of Energy; certain other third-party approvals; and other customary closing conditions. As of May 26, 2022 the transaction was approved by Comisión Federal de Competencia Económica.

The transaction is expected to be completed in the second quarter 2022. Proceeds from the sale will be used to fund incremental capital expenditures at Sempra's utilities and repurchase $500 million of the company's stock, while also supporting the company's balance sheet. The transaction is expected to be accretive to earnings as the proceeds are deployed.

Michael Deyong, Adam Cieply, Rodrigo Dominguez, Henri Capin-Gally, David Dreier, Henrik Patel, Arlene Arin Hahn, Seth Kerschner, Farhad Jalinous, Ryan Brady and Daniel Hagan of White & Case and Sullivan & Cromwell LLP acted as legal advisors to Sempra. Milbank LLP and Gonzalez Calvillo SC acted as legal advisors to Abu Dhabi Investment Authority. BofA Securities, Inc. acted as sole financial advisor to the Abu Dhabi Investment Authority, Parent of Black River B 2017 Inc.