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The transaction increases the stake of Sempra Energy's Mexican subsidiary in the pipeline from 25% to 50%, IEnova said in a press release.
The value of the transaction, which is based on similar operations in North America, is estimated at US$520mn, it said. The deal comprises an estimated cash payment of US$231mn, plus the proportional amount of outstanding debt in the Los Ramones II Norte pipeline, which is approximately US$289mn.
The cash payment will be subject to customary post-closing adjustments included in the purchase and sale agreement.
The transaction is expected to close during 4Q17 once the required authorizations have been obtained, including approval from Mexico's federal antitrust commission.
The transaction is in line with IEnova's strategy to develop energy infrastructure in the country, as outlined in its 2Q results conference, and strengthens its position as a leader in gas transportation in Mexico, the company said.