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SEMPRA ENERGY

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Sempra Plans Reorganization, to Bid for Publicly Traded IEnova Shares

12/02/2020 | 08:16am EDT

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 matt.grossman@wsj.com

(END) Dow Jones Newswires

12-02-20 0815ET

Stocks mentioned in the article
ChangeLast1st jan.
INFRAESTRUCTURA ENERGÉTICA NOVA, S.A.B. DE C.V. 0.82% 87.6 End-of-day quote.12.93%
SEMPRA ENERGY 0.89% 137.82 Delayed Quote.7.22%
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Financials (USD)
Sales 2021 12 154 M - -
Net income 2021 2 459 M - -
Net Debt 2021 26 730 M - -
P/E ratio 2021 17,1x
Yield 2021 3,21%
Capitalization 41 726 M 41 726 M -
EV / Sales 2021 5,63x
EV / Sales 2022 5,66x
Nbr of Employees 14 706
Free-Float 88,5%
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Technical analysis trends SEMPRA ENERGY
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 17
Average target price 150,40 $
Last Close Price 137,82 $
Spread / Highest target 26,3%
Spread / Average Target 9,13%
Spread / Lowest Target -4,22%
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Managers and Directors
NameTitle
Jeffrey Walker Martin Chairman, Co-President & Chief Executive Officer
Kevin Christopher Sagara Group Co-President & Executive Vice President
Trevor Ian Mihalik Chief Financial Officer & Executive Vice President
Eric G. Trapp Vice President-Security & Technology
William D. Jones Lead Independent Director
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