IEnova closes acquisition of Pemex pipeline subsidiary
IEnova has been given the green light by Mexico's antitrust authorities to acquire the 50% it did not already own in pipeline operator Ductos y Energéticos del Norte (DEN) from Pemex Transformación Industrial.
The US$547mn deal comprises the price paid for the DEN share and the liquidation of certain shareholder loans of US$258mn, the Mexico City-based subsidiary of US firm Sempra Energy said in a release.
The total also includes US$289mn to cover the proportional amount of project financing for the Los Ramones II Norte pipeline, which will not be consolidated in IEnova's financial statements.
The transaction ups IEnova's indirect participation in Los Ramones II Norte from 25% to 50%.
The deal is in line with IEnova's strategy outlined in July to focus on acquisitions and power generation contracts in Mexico's third power auction. The company's second quarter profits were boosted by its acquisition of the Ventika wind farm last December.
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News in: Oil & Gas (Mexico)
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