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 firstname.lastname@example.org
(END) Dow Jones Newswires