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Sempra Energy Completes $2.23B Divestiture Of Chilean Businesses

Source: 6/24/2020, Location: South America

Sempra Energy has completed the sale of its Chilean businesses, generating approximately $2.23 billion in total cash proceeds, subject to post-closing adjustments. The sale to State Grid International Development Limited (SGID) includes Sempra Energy's 100% stake in Chilquinta Energía S.A. (Chilquinta Energía).

"Today's announcement completes the divestiture of all of Sempra Energy's South American assets – an important step in narrowing our strategic focus to the most attractive markets in North America," said Jeffrey W. Martin, chairman and CEO of Sempra Energy. "This sale furthers our mission to be North America's premier energy infrastructure company. I commend all parties involved in getting this deal completed and want to thank the hardworking employees of Chilquinta Energía for their dedication to powering Chile's homes, businesses, medical facilities and more."

The sale also includes a 100% interest in Tecnored S.A., which provides electric construction and infrastructure services to Chilquinta Energía and third parties, and a 50% interest in Eletrans S.A., which owns, constructs, operates and maintains power transmission facilities.

The completion of the Chilean transactions concludes Sempra Energy's sales of its South American businesses, resulting in approximately $5.82 billion in combined total cash proceeds, subject to post-closing adjustments. Proceeds from the sales will be used to further strengthen the company's balance sheet and liquidity position.

In April, Sempra Energy announced the completion of the sale of its Peruvian businesses, including its 83.6% interest in Luz del Sur S.A.A., to an affiliate of China Yangtze Power International (Hongkong) Co., Limited, generating approximately $3.59 billion in total cash proceeds, subject to post-closing adjustments.

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