Mijares, Angoitia, Cortés y Fuentes and DLA Piper Gallástegui y Lozano advised on the deal
Sempra Energy (NYSE: SRE) today announced that its Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), has acquired Pemex Transformación Industrial’s participation in Ductos y Energeticos del Norte, and, as a result, IEnova will increase its indirect participation in the Los Ramones II Norte pipeline to 50 percent from 25 percent.
IEnova will acquire Pemex’s stake in the pipeline for $231 million, plus the assumption of $289 million in debt, representing Pemex’s portion of the outstanding debt in the pipeline.
The approximately 452-km, 42-inch diameter pipeline commenced operations in February 2016 and transports natural gas from Nuevo Leon to San Luis Potosí. It has a designed transportation capacity of 1,420 billion cubic feet per day and two compressor stations. Los Ramones II Norte interconnects with the Los Ramones I pipeline and the Los Ramones II Sur pipeline in central Mexico.
The transaction is expected to close in the fourth quarter 2017, once the required authorizations have been obtained, including approval from Mexico’s Federal Antitrust Commission. The transaction will be subject to customary post-closing adjustments included in the purchase and sale agreement.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies’ more than 16,000 employees serve approximately 32 million consumers worldwide.
Mijares, Angoitia, Cortés y Fuentes, advised Infraestructura Energética Nova, S.A.B. de C.V. with Martín Sánchez (Picture), Manuel Echave, Francisco Fuentes, Francisco Glennie and Carlos Orcí.
DLA Piper Gallástegui y Lozano advised Pemex Transformación Industrial with Eduardo J. Gallástegui, Edgar Romo y Jorge Benejam. Asociados Rodrigo García y Manuel Hallivis.
Involved fees earner: Martín Sánchez Bretón – Mijares, Angoitia, Cortés y Fuentes, S.C.; Francisco Glennie Quiròs – Mijares, Angoitia, Cortés y Fuentes, S.C.; Manuel Echave Pintado – Mijares, Angoitia, Cortés y Fuentes, S.C.; Francisco Fuentes-Ostos – Mijares, Angoitia, Cortés y Fuentes, S.C.; Carlos Orcí Berea – Mijares, Angoitia, Cortés y Fuentes, S.C.; Eduardo Gallástegui Armella – DLA Piper; Edgar Romo – DLA Piper; Jorge Benejam – DLA Piper; Rodrigo Garcia Moncada – DLA Piper; Manuel Hallivis – DLA Piper;