U.S LNG operator Sempra Energy has launched a tender offer to purchase for cash the 3.6 per cent of the outstanding shares of Infraestructura Energética Nova (IEnova) that it doesn’t own.

Sempra Energy close to fully owning IEnova
Courtesy of Sempra Energy

IEnova is one of the largest private energy companies in Mexico. It is also a leading developer and operator of renewables and LNG infrastructure in the country. 

Sempra Energy is offering to purchase each outstanding IEnova share it does not own for 78.97 Mexican pesos ($0.45) per share. The total number of remaining share is totaling 52,227,526.

If all goes according to the plan the aggregate purchase price would be 4.12 million Mexican pesos ($207,118).

Previously, Sempra had completed exchange offer for IEnova’s publicly held shares, which closed in May 2021. This increased Sempra’s ownership of IEnova’s shares from 70.2 per cent to 96.4 per cent.

As a result, Sempra’s common stock is now listed on both the New York and the Mexican Stock Exchange. Also, IEnova’s shareholders approved the delisting of IEnova’s shares from the BMV following completion of the cash tender offer.

The cash tender offer expires on 10 September 2021, unless extended.

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