Sempra has agreed to sell a 10% non-controlling interest in Sempra Infrastructure Partners, which holds its liquefied natural gas (LNG) assets in North America, to the Abu Dhabi Investment Authority (ADIA) for $1.785 billion.

ECA

“…As an investor with a global footprint, we expect ADIA will help our team build out a growth platform with an increasingly global capability,” said Sempra CEO Jeffrey Martin. 

The deal is expected to close sometime next summer. Sempra plans to use the proceeds to repurchase $500 million of the company’s stock, of which $300 million was completed in 4Q2021. It also would use the funds for capital expenditures. 

The ADIA transaction implies an enterprise value for Sempra Infrastructure of $26.5 billion, including asset-related debt of $8.6...