KKR & Co. Inc. (NYSE:KKR) signed an agreement to acquire 20% stake in Sempra Global from Sempra Energy (NYSE:SRE) for $3.4 billion on April 4, 2021. There will be a customary adjustment to the purchase price to the extent SIP's actual net debt at closing is greater or less than the expected amount. The announcement is part of a series of integrated transactions originally announced in December 2020 that are intended to simplify Sempra Energy's non-utility infrastructure investments under one self-funding platform, combining the strengths of Sempra LNG and IEnova (Infraestructura Energética Nova, S.A.B de C.V.). Prior to the closing of the transaction, Sempra Energy will conduct an internal reorganization to consolidate the assets of its liquefied natural gas business and its ownership in Infraestructura Energética Nova, S.A.B. de C.V. under Sempra Global, which will be renamed Sempra Infrastructure Partners. At the Closing, Sempra Infrastructure Partners is expected to have approximately $8.37 billion of direct and indirect net debt. Sempra Energy will be entitled to receive a reverse termination fee of $134.8 million from KKR if KKR fails to receive its financing proceeds by the closing. The consummation of the transaction is subject to receipt of regulatory approval in Mexico by the Comisión Federal de Competencia Económica and in the United States by the Federal Energy Regulatory Commission; certain other third- party approvals; the completion of the Restructuring; and other customary closing conditions. The transaction is expected to be completed by middle of 2021. As of August 5, 2021 the sale is expected to close around the end of the third quarter of 2021. Proceeds from the sale will be used to help fund growth across Sempra Energy's $32 billion capital program, which is centered on its U.S. utilities, and to further strengthen its balance sheet. The sale is expected to be accretive to earnings. As of September 27, 2021, Sempra has met all material closing conditions and is scheduled to complete the sale on October 1, 2021. Goldman Sachs & Co. LLC is serving as financial advisor and Thomas Lauria, Michael Deyong, Adam Cieply, Christopher Peponis, David Dreier, Kerrick Seay, Arlene Arin Hahn, Seth Kerschner, Steven M. Lutt, Henrik Patel, Rodrigo Dominguez Sotomayor, Brenda Dieck, Daniel Hagan, F. Paul Pittman, Rebecca Farrington, Tilman Kuhn, Mathis Rust, Pedro Morales, and Juan Antonio Martín of White & Case LLP is serving as legal advisors to Sempra Energy on this transaction. Credit Suisse Securities (USA) LLC and Mizuho Securities USA LLC are serving as financial advisors and Simpson Thacher & Bartlett LLP and Creel, García-Cuéllar, Aiza y Enríquez, S.C. are serving as legal advisors to KKR.

KKR & Co. Inc. (NYSE:KKR) completed the acquisition of 20% stake in Sempra Global from Sempra Energy (NYSE:SRE) on October 1, 2021. The purchase price is subject to certain post-closing adjustments.