Sempra Energy To Launch Stock-for-Stock Exchange Offer For IEnova Stock

(RTTNews) - Sempra Energy (SRE) said that it plans to launch an exchange offer to acquire all the outstanding shares of IEnova not owned by Sempra Energy at an exchange ratio of 0.0313 shares of Sempra Energy common stock for each ordinary share of IEnova stock.

As part of the exchange offer, Sempra Energy intends to list its exchange shares on the Mexican stock exchange.

In addition, the company plans to unify Sempra LNG and IEnova under newly formed Sempra Infrastructure Partners.

Sempra Energy also intends to sell a non-controlling interest in Sempra Infrastructure Partners in order to fund growth and highlight the underlying value of the platform.

Subject to obtaining all required regulatory approvals and the satisfaction of other customary conditions, the company expects to complete these transactions in the first quarter of 2021.

Sempra Energy expects integrated transactions to be accretive to its earnings per share.