KKR and Canada Pension Plan Investment Board (CPP Investments) have together purchased a 45% equity stake in Sempra Infrastructure Partners for $10bn (€8.5bn) in cash.
The latest investment by KKR follows an April 2021 deal in which the firm’s global infrastructure funds acquired a 20% stake in Sempra Energy for $3.37bn.
After the latest deal closes, a KKR-led consortium will become the majority owner of the North American utility, with a 65% stake, while Sempra will retain a 25% interest alongside Abu Dhabi Investment Authority’s existing 10% stake.
The deal, implying an equity value of $22.2bn for Sempra Infrastructure, is expected to close between the second and third quarters of 2026.
Jeffrey W. Martin, chairman and CEO of Sempra, said: “The transaction announced today underscores our commitment to extend our strategic partnership with KKR, with whom we have a shared vision of improving America’s position as a global leader in LNG exports.
“It also directly supports our five value creation initiatives designed to simplify our business, efficiently fund strong utility growth in Texas and California and improve our financial strength.”
Raj Agrawal, global head of real assets at KKR, said: “Over the past four years, we have developed a close relationship with the Sempra Infrastructure Partners team and a deep understanding of their business.
“We are excited to grow this strategic partnership and are pleased to welcome CPP Investments alongside us as we work to expand Sempra Infrastructure Partners’ assets to help meet growing global demand for energy.”
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