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Sempra (NYSE:SRE) announced a $10 billion deal to sell a 45% stake in Sempra Infrastructure Partners to affiliates of KKR & Co (NYSE:KKR) and Canada Pension Plan Investment Board.
The transaction is expected to close in the second or third quarter of 2026. The move is designed to strengthen the company’s balance sheet and increase its focus on regulated utilities in the U.S.
The agreement values Sempra Infrastructure Partners at $22.2 billion in equity and $31.7 billion in enterprise value. Once completed, KKR and its partners will hold 65% of the business, while Sempra will retain 25% alongside the Abu Dhabi Investment Authority’s 10% interest.
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“The transactions announced today further Sempra’s corporate strategy by advancing the company’s capital recycling program and transition to a leading U.S. utility growth business,” said Chairman and CEO Jeffrey W. Martin.
The deal supports funding for the company’s 2025–2029 capital plan without requiring new equity issuance.
Sempra Infrastructure Partners also reached a final investment decision to proceed with Phase 2 of the Port Arthur LNG project. The $14 billion expansion includes two liquefaction trains, an LNG storage tank, and shared facilities. Operations are targeted for 2030 and 2031 for Trains 3 and 4.
The project secured $7 billion in equity financing led by Blackstone Inc.’s (NYSE:BX) Blackstone Credit & Insurance, joined by KKR, Apollo-managed funds and Goldman Sachs Alternatives. These investors acquired a 49.9% minority interest, while Sempra Infrastructure Partners retained majority control. Details of Blackstone’s role in the funding are available here.
Bechtel Energy Inc. has been contracted to build the new phase, leveraging experience from Phase 1 to streamline construction and reduce risk. Phase 2 is already backed by long-term sales agreements with ConocoPhillips (NYSE:COP), EQT Corp. (NYSE:EQT), JERA Co. Inc., and Sempra Infrastructure Partners.
Sempra updated its 2025 GAAP earnings guidance to $3.29–$3.69 per share from $4.90-$5.25 versus analyst estimates of $4.55, while affirming adjusted EPS guidance of $4.30–$4.70 versus the $4.53 estimate.
It also reaffirmed its 2026 adjusted EPS target of $4.80–$5.30 versus the $ $5.01 analyst estimate and projected annual earnings growth of 7% to 9% through 2029.
Price Action: At last check Tuesday, SRE shares were trading higher by 4.33% to $85.94.
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