KKR’s $3.37 Billion Acquisition of Non-Controlling Interest in Sempra Infrastructure Partners

Simpson Thacher and Creel, García-Cuéllar, Aiza y Enríquez advised KKR, while White & Case LLP advised Sempra Energy in the transaction. Milbank advised the banks

KKR executed its $3.37 billion acquisition of a non-controlling, 20% interest in Sempra Energy’s (NYSE: SRE) new business platform, Sempra Infrastructure Partners. The transaction values Sempra Infrastructure Partners at approximately $25.2 billion, including expected asset-related debt at closing of $8.37 billion. The transaction is expected to be completed by mid-2021, subject to customary closing conditions, including consents from certain third parties and regulators.

Sempra Infrastructure Partners combines the strengths of Sempra LNG, a leading developer of liquefied natural gas (LNG) export infrastructure, and IEnova (Infraestructura Energética Nova, S.A.B de C.V.), one of the largest private energy companies in Mexico and a leading developer and operator of renewables and natural gas infrastructure in that country.

Credit Suisse Securities (USA) and Mizuho Securities USA acted as financial advisors on KKR.

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds.

The Simpson Thacher team advising KKR included Breen Haire (Picture), Shamus Crosby, Tyler Cox, Michael Spirtos, Hunter Hampton, Grant Gannon and Siwei Yang (M&A); Nancy Mehlman and Joseph Tootle (Tax); Brian Steinhardt and Zachary Banks (Credit); Dennis Loiacono (Real Estate); Tristan Brown and Alyssa Ohanian (ECEB); Adeeb Fadil and Noreen Lavan (Environmental); Melanie Jolson (IP); and Étienne Renaudeau (Antitrust).

In Mexico, Creel, García-Cuéllar, Aiza y Enríquez advised KKR with a team including Santiago Sepúlveda, Jorge Montaño Valdés, Omar Zúñiga Arroyo, Mauricio Serralde,  Diego Barrera, Vanessa Giménez, Ana Amado, Martha Torres and Eduardo Brandt López.

White & Case LLP advised Sempra Energy with a team led by partners Thomas Lauria, Michael Deyong and Adam Cieply in New York and partner Christopher Peponis in Houston, and included associate Morgan Somerset and partner David Dreier (M&A), associate Grayson Weeks (Tax), counsel Kerrick Seay and associate Heather Cameron (Debt Finance), partners Arlene Arin Hahn (Intellectual Property), Seth Kerschner (Environmental) and Steven M. Lutt (Real Estate), partner Henrik Patel and associate DeVoia Stewart (Employment Compensation & Benefits) and associate Emma Jakeman (Project Development and Finance), all in New York; partner Rodrigo Dominguez Sotomayor (M&A), associates James Langlois, Carlos Ramón Diaz Sordo and Chantal Carriere (Project Development and Finance) all in Houston; associates Sam Tuttleman and Mona Kalantar (M&A) in Chicago; partner Brenda Dieck (Debt Finance) in Los Angeles; associate John Forbush and partner Daniel Hagan (Energy, Infrastructure and Project Finance), counsel F. Paul Pittman (Data Privacy), and partner Rebecca Farrington (Antitrust) all in Washington, DC; partners Dr. Tilman Kuhn and Dr. Mathis Rust (Antitrust) in Düsseldorf; and counsel Pedro Morales and partner Juan Antonio Martín (Environmental) in Mexico City.

Milbank advised the banks with a team including Daniel D. Bartfeld, Carolina Walther-Meade, Brett Goldblatt, Henry T. Scott, Christopher Bloom, Jesseon Ahnd and Roy Jackson.

Involved fees earner: Ana Amado Córdova – Creel, García-Cuéllar, Aiza y Enriquez SC; Diego Barrera Pieck – Creel, García-Cuéllar, Aiza y Enriquez SC; Eduardo Brandt López – Creel, García-Cuéllar, Aiza y Enriquez SC; Vanessa Giménez – Creel, García-Cuéllar, Aiza y Enriquez SC; Jorge Montaño Valdés – Creel, García-Cuéllar, Aiza y Enriquez SC; Santiago Sepúlveda – Creel, García-Cuéllar, Aiza y Enriquez SC; Mauricio Serralde – Creel, García-Cuéllar, Aiza y Enriquez SC; Martha Torres – Creel, García-Cuéllar, Aiza y Enriquez SC; Omar Zúñiga Arroyo – Creel, García-Cuéllar, Aiza y Enriquez SC; Daniel Bartfeld – Milbank LLP; Christopher Bloom – Milbank LLP; Brett Goldblatt – Milbank LLP; Roy Jackson – Milbank LLP; Henry Scott – Milbank LLP; Carolina Walther-Meade – Milbank LLP; Zachary Banks – Simpson Thacher & Bartlett; Tristan Brown – Simpson Thacher & Bartlett; Tyler Cox – Simpson Thacher & Bartlett; Shamus Crosby – Simpson Thacher & Bartlett; Adeeb Fadil – Simpson Thacher & Bartlett; Grant Gannon – Simpson Thacher & Bartlett; Breen Haire – Simpson Thacher & Bartlett; Hunter Hampton – Simpson Thacher & Bartlett; Melanie Jolson – Simpson Thacher & Bartlett; Noreen Lavan – Simpson Thacher & Bartlett; Dennis Loiacono – Simpson Thacher & Bartlett; Nancy Mehlman – Simpson Thacher & Bartlett; Alyssa Ohanian – Simpson Thacher & Bartlett; Étienne Renaudeau – Simpson Thacher & Bartlett; Michael Spirtos – Simpson Thacher & Bartlett; Brian Steinhardt – Simpson Thacher & Bartlett; Joseph Tootle – Simpson Thacher & Bartlett; Siwei Yang – Simpson Thacher & Bartlett; Heather Cameron – White & Case; Chantal Carriere – White & Case; Adam Cieply – White & Case; Michael Deyong – White & Case; Carlos Ramón Díaz Sordo – White & Case; Brenda Dieck – White & Case; Rodrigo Dominguez Sotomayor – White & Case; David Dreier – White & Case; Rebecca Farrington – White & Case; John Forbush – White & Case; Daniel Hagan – White & Case; Arlene Arin Hahn – White & Case; Emma Jakeman – White & Case; Mona Kalantar – White & Case; Seth Kerschner – White & Case; Tilman Kuhn – White & Case; James Langlois – White & Case; Thomas Lauria – White & Case; Steven Lutt – White & Case; Juan Antonio Martín – White & Case; Pedro Morales – White & Case; Henrik Patel – White & Case; Christopher Peponis – White & Case; Paul Pittman – White & Case; Mathis Rust – White & Case; Kerrick Seay – White & Case; Morgan Somerset – White & Case; DeVoia Stewart – White & Case; Sam Tuttleman – White & Case; Grayson Weeks – White & Case;

Law Firms: Creel, García-Cuéllar, Aiza y Enriquez SC; Milbank LLP; Simpson Thacher & Bartlett; White & Case;

Clients: Credit Suisse; KKR; Mizuho Bank; Sempra Energy;

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Martina Bellini

Author: Martina Bellini