Sempra (NYSE: SRE) agreed to sell a 45% equity interest in Sempra Infrastructure Partners, an energy infrastructure platform, to affiliates of KKR, with Canada Pension Plan Investment Board.
Subject to adjustments, the deal proceeds of $10 billion implies an equity value of $22.2 billion and an enterprise value of $31.7 billion for Sempra Infrastructure Partners. Before adjustments, Sempra is expected to receive 47% of the cash at close, 41% by year-end 2027 and the balance approximately seven years after closing.
The deal is expected to close in the second or third quarter of 2026, subject to necessary regulatory and other approvals and closing conditions.
Upon closing, a KKR-led consortium will become the majority owner of Sempra Infrastructure Partners, holding a 65% equity stake, while Sempra will retain a 25% interest alongside Abu Dhabi Investment Authority's (ADIA) existing 10% stake. Under the terms of the agreement, Sempra and ADIA will have certain minority rights in Sempra Infrastructure Partners.