--- title: "Sempra closes 45% LNG stake sale to KKR, collecting $4.56 billion of $9.99 billion" description: "Sempra closed the 45% sale of its LNG arm to KKR and Canada's pension fund with $4.56 billion of the $9.99 billion price in cash; the other $5.34 billion arrives as interest-bearing IOUs running to 2034, issued by a utility carrying $37.5 billion of its own debt." publisher: "The Inference" section: "Deals" published: 2026-11-13T16:46:50.278Z modified: 2026-11-13T16:46:50.278Z canonical: https://theinference.org/article/sempra-closes-45-lng-stake-sale-to-kkr-collecting-4-56-billion-of-9-99-billion language: en keywords: "Sempra, KKR, LNG, Utilities, Deals" --- # Sempra closes 45% LNG stake sale to KKR, collecting $4.56 billion of $9.99 billion > Sempra closed the 45% sale of its LNG arm to KKR and Canada's pension fund with $4.56 billion of the $9.99 billion price in cash; the other $5.34 billion arrives as interest-bearing IOUs running to 2034, issued by a utility carrying $37.5 billion of its own debt. [Sempra](https://theinference.org/markets/companies/sempra) closed the sale of 45% of Sempra Infrastructure Partners, its LNG export arm and home of the Port Arthur terminal in Texas, to affiliates of KKR with Canada Pension Plan Investment Board as indirect co-investor on Nov [1]. 12, and [collected $4.56 billion in cash at closing](https://www.prnewswire.com/news-releases/sempra-completes-sale-of-45-equity-interest-in-sempra-infrastructure-partners-302938415.html), subject to post-closing adjustments [1]. The base price was set at $9.99 billion when the deal was struck in September 2025 [3]. After the close, the [KKR](https://theinference.org/markets/companies/kkr-and-co) group owns 65% of the business, Sempra keeps 25%, and the Abu Dhabi Investment Authority keeps 10%; Sempra deconsolidated the unit the same day [1]. Justin Bird takes over as chief financial officer on Nov. 13, with Karen Sedgwick moving to run Southern California Gas [1]. *Chart: **Sempra keeps a quarter of the LNG arm it just sold control of** Pie chart of ownership of Sempra Infrastructure Partners after the Nov. 12, 2026 close: KKR group 65%, Sempra 25%, Abu Dhabi Investment Authority 10%* *Ownership of Sempra Infrastructure Partners after the sale closed Nov. 12, 2026, percent of equity, as stated in Sempra's Form 8-K. The KKR group includes Canada Pension Plan Investment Board as an indirect co-investor. [1]* ## The buyers owe the seller $6.82 billion The rest of the price is Sempra's own credit extended to its buyers: $4.14 billion plus 7.5% interest compounded quarterly, due Dec [1]. 31, 2027, totaling $4.51 billion, backed by equity commitment letters from investors in the KKR group; and $1.20 billion of promissory notes paying 8.5% and then 10%, maturing Feb [1]. 11, 2034, worth $2.31 billion with interest if held to maturity [1]. Counted with interest, Sempra stands to collect about $11.4 billion [3]. [Sempra expects a pre-tax gain of $2.80 billion to $3.30 billion](https://www.sec.gov/Archives/edgar/data/1032208/000103220826000057/sempra-20261112.htm), preliminary by its own telling [1]. *Chart: **Of the $11.4B Sempra expects to collect, $4.56B came as cash at close** Stacked single bar showing the $11.4 billion Sempra expects to collect on the Sempra Infrastructure sale, split by timing: $4.56 billion cash at close on Nov. 12, 2026; $4.51 billion installment due Dec. 31, 2027 with 7.5% interest; $2.31 billion of promissory notes due Feb. 11, 2034 with interest* *The $9.99 billion base price plus contractual interest, by when Sempra collects it, USD billions, as stated in Sempra's Form 8-K filed Nov. 12, 2026. The $4.51 billion installment carries 7.5% interest compounded quarterly; the notes pay 8.5% then 10% and are worth less if prepaid, subject to a make-whole provision. [1]* ## Sempra is lending to its buyers while its own debt climbs The complication is the direction of the loan. A company selling a growth asset to strengthen its balance sheet just became its former unit's creditor. Sempra's total debt stood at $37.5 billion at Sept [5][9]. 30, 73.2% of its market value, and free cash flow ran minus $4.87 billion over the trailing twelve months [5]; total debt has climbed from $31.1 billion at the end of 2023 to $37.5 billion [9]. The cash is earmarked for Texas: [management said on its Nov. 5 call](https://www.trefis.com/stock/sre/articles/624553/could-sempra-be-the-value-stock-for-your-portfolio/2026-11-12) that Oncor's 2027-2031 plan will run about 20% larger than the current $47.5 billion, with the Texas system hitting a record 33 gigawatt peak [5] ([our Nov. 1 report on that call](https://theinference.org/article/sempra-reports-november-5-with-a-cameron-lng-unit-down-eca-lng-late-and-shares-at-24-9-times-earnings)) [5]. *Chart: **Total debt is $6.4B higher than at the end of 2023** Line chart of Sempra total debt by quarter from $31.1 billion at the end of 2023 to $37.5 billion in Q3 2026, peaking at $38.6 billion in Q2 2025* *Total debt, USD billions, by calendar quarter, from Sempra's SEC filings, retrieved November 13, 2026. Q3 2026 is the last quarter before the sale closed. [9]* ## The buyer's paper holds; Texas regulators are the risk The buyer's side holds up on paper. SI Partners carries contracted LNG assets, and investors in the KKR group have committed to fund the 2027 payment [1]. CEO Jeffrey Martin calls the deal a step toward simplifying Sempra around its Texas and California utilities [2]. The counterweights: [Morningstar has flagged doubts about Oncor's growth runway](https://finance.yahoo.com/quote/SRE/) after Texas political shifts [6], and California regulators' [proposed denial of a 2024 rate correction](https://theinference.org/article/sempra-s-texas-grid-plan-grows-20-california-s-188-million-rate-denial-pushes-2027-toward-the-low-end) could push 2027 results to the lower half of the $5.10 to $5.70 guidance [5]. ## The market has not paid for the trade As for price: [one syndicated alert reporting a 52-week low of $18.36](https://www.investing.com/news/company-news/sempra-energy-stock-hits-52week-low-at-1836-usd-93CH-5022873) carries the ticker SREA, Sempra's 5.75% junior subordinated notes [8], while the common stock closed Nov. 12 at $78.98 [7] and [sits near its 52-week low of $76.21](https://theinference.org/article/sempra-s-chosen-quarter-for-the-10b-kkr-close-ended-with-no-close-and-a-52-week-low), at about 16.7 times earnings against 21.9 for the median S&P 500 company [5]. Watch two dates: Dec. 31, 2027, when the first $4.51 billion installment comes due, and February 2027, when the size of the bigger Oncor plan lands [5]. A utility that cannot fund its own buildout just extended $5.34 billion of credit to two of the largest pools of money on earth [5]. ## Takeaway Sempra closed the $9.99 billion LNG stake sale with $4.56 billion in cash; the other $6.82 billion is interest-bearing paper from its buyers, due in 2027 and 2034, while Sempra carries $37.5 billion of its own debt into a bigger Texas buildout. ## Sources 1. [Sempra, Form 8-K, Items 5.02 and 8.01, filed Nov. 12, 2026](https://www.sec.gov/Archives/edgar/data/1032208/000103220826000057/sempra-20261112.htm) 2. [Sempra press release via PR Newswire, Sempra Completes Sale of 45% Equity Interest in Sempra Infrastructure Partners, Nov. 12, 2026](https://www.prnewswire.com/news-releases/sempra-completes-sale-of-45-equity-interest-in-sempra-infrastructure-partners-302938415.html) 3. [MLQ.ai, Sempra closes sale of 45% of Sempra Infrastructure to KKR, taking $4.56 billion in cash up front, Nov. 13, 2026](https://mlq.ai/news/sempra-closes-sale-of-45-of-sempra-infrastructure-to-kkr-taking-456-billion-in-cash-up-front/) 5. [Trefis, Could Sempra Be The Value Stock For Your Portfolio?, Nov. 12, 2026](https://www.trefis.com/stock/sre/articles/624553/could-sempra-be-the-value-stock-for-your-portfolio/2026-11-12) 6. [Morningstar research listing on Yahoo Finance, Sempra Earnings: Blue Texas Creates Doubts About Oncor's Growth Runway, November 2026](https://finance.yahoo.com/quote/SRE/) 7. [RTTNews, Sempra Completes Sale Of 45% Equity In Sempra Infra Partners To KKR Affiliates, Shares Up, Nov. 13, 2026](https://www.rttnews.com/3714457/sempra-completes-sale-of-45-equity-in-sempra-infra-partners-to-kkr-affiliates-shares-up.aspx) 8. [Investing.com, Sempra Energy stock hits 52-week low at 18.36 USD (ticker tagged SREA), Nov. 12, 2026](https://www.investing.com/news/company-news/sempra-energy-stock-hits-52week-low-at-1836-usd-93CH-5022873) 9. [Sempra, quarterly figures from its SEC filings, retrieved 13 November 2026 (company_series)](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001032208) --- Sempra closes 45% LNG stake sale to KKR, collecting $4.56 billion of $9.99 billion — The Inference. Canonical: https://theinference.org/article/sempra-closes-45-lng-stake-sale-to-kkr-collecting-4-56-billion-of-9-99-billion