Sempra's chosen quarter for the $10B KKR close ended with no close and a 52-week low
Sempra has said since July that it expects the $10 billion sale of 45% of its infrastructure arm to KKR to close in the third quarter. The quarter ended 30 September with no closing release in the record, and SRE touched a 52-week low of $76.66 on 29 September.
Vincent Jiang · 3 min read
On 9 July 2026, Sempra said it "continues to expect" the $10 billion sale of 45% of Sempra Infrastructure Partners to KKR affiliates to close in the third quarter 1. CFO Karen Sedgwick narrowed the timing on the August earnings call: the transaction "is expected to close later in the third quarter" 2. The quarter ended 30 September; no closing release appears in Sempra's newsroom or in the news record through 2 October, and no source reports a delay.
The tape reached the window's end at a 52-week low
SRE traded as low as $76.66 on 29 September and last changed hands at $76.85, below its 50-day and 200-day averages, against a $101.69 consensus target from 15 analysts 3. On 21 September, eight days before the low, it closed at $81.31 4. This is not an earnings story: second-quarter adjusted EPS of $1.16 beat the $1.01 estimate, and full-year guidance of $4.80 to $5.30 stands 23.
SRE last traded 24% below the street's average target the day before its deal window shut
- Estimate
Data
| Value | |
|---|---|
| last traded 29 Sept | $76.85 |
| 50-day average | $85 |
| 200-day average | $90.42 |
| Consensus target (estimate) | $101.69 |
The asset kept adding customers at a fixed price
31 July 2025: JERA signs 20 years at 1.5 Mtpa from Port Arthur Phase 2 5.
23 September 2025: the $10 billion sale is struck with KKR and Canada Pension Plan Investment Board 6.
September 2025: Port Arthur Phase 2 takes final investment decision; two trains, about 13 Mtpa, commercial operations expected in 2030 and 2031 7.
14 September 2026: Petrobras signs 20 years at roughly 0.8 Mtpa, the first South American customer 7.
29 September 2026: Cheniere signs the same Brazilian buyer for 22 years at about 0.8 Mtpa 8.
KKR's group buys its 45% at a price struck with JERA already in the book, two months after that signature and nearly a year before Petrobras signed; Sempra's holders wait at the year's low for the utility story to start. Only Petrobras, and Cheniere's rival deal for the same buyer, landed after the strike.
One signature moves $10 billion and three executives
At close, KKR's group holds 65% of the platform, Sempra 25%, an Abu Dhabi Investment Authority affiliate 10%, at an implied equity value near $22.2 billion 1. The same signature moves the people: Sedgwick to SoCalGas chief executive, Justin Bird to group CFO, Bob Patel into the LNG platform 1.
Sempra keeps a quarter of the platform it is selling, with KKR's group taking 65% at close
- KKR and CPPIB group65%65%
- Sempra25%25%
- ADIA affiliate10%10%
Data
| Slice | Value | Share |
|---|---|---|
| KKR and CPPIB group | 65% | 65% |
| Sempra | 25% | 25% |
| ADIA affiliate | 10% | 10% |
Holders get roughly 95% of 2027 earnings from regulated US utilities, no common equity issuance in the 2026-2030 plan, and nearly $9 billion of debt off the consolidated balance sheet 12. One holdup is publicly ruled out: ECA LNG repairs are not a condition of the deal 2.
The tell is the close release, not the price
Watch for the closing announcement and Bird's seat change; both hang on the same signature 1. Moody's is monitoring the close, with possible rating moves early next year 2. The next scheduled reading is third-quarter earnings, 15 October 4.
Deepdive
AI-generated from this story and its cited sources. Not investment advice.
