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Sempra to sell Chilean assets to China's State Grid International for $2.23B

Sempra Energy agreed to sell its equity interests in its Chilean businesses to State Grid Corp. of China subsidiary State Grid International Development Co. Ltd. for $2.23 billion in cash, subject to adjustments for working capital and net indebtedness and other adjustments.

The sale includes Sempra's 100% interests in Chilquinta Energia SA, Chile's third-largest electricity distributor, and Tecnored SA, which provides electric construction and infrastructure services to Chilquinta Energía and third parties. It also includes a 50% interest in Eletrans SA, which owns and operates power transmission facilities.

Elsewhere, Chilquinta Energía agreed to purchase the remaining 50% in Eletrans, which will allow its full ownership transfer to State Grid International. The deal is contingent on Sempra closing the sale of its Chilean businesses.

The sale to State Grid International is expected to be completed in the first quarter of 2020, subject of customary closing conditions, including approvals by the Chilean antitrust authority, certain Chinese regulators and the Bermuda Monetary Authority.

"This agreement is really important. It moves our company one step closer to completing the sale of our South American businesses and concentrating our investment strategy right here in North America," Sempra Chairman and CEO Jeffrey Martin said in an Oct. 14 statement.

On Sept. 30, Sempra announced the sale of its equity interests in its Peruvian business. Both the Chilean and the Peruvian transactions would result to combined proceeds of approximately $5.82 billion in cash, subject to adjustments and satisfaction of their closing conditions.

"Proceeds from both of these transactions will be used to advance our business strategy by strengthening our company's balance sheet and supporting the growing capital needs of our utilities in California and Texas," Martin said.

Activist investors Elliott Management Corp. and Bluescape Resources Co. LLC recommended the sale of these South American assets in 2018.

Sempra Energy hired Bank of America Merrill Lynch and Lazard as financial advisers on the sales and White & Case as legal adviser.