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Oct. 14, 2019, 7:05 a.m. EDT

Sempra Energy sells stakes in Chilean businesses for $2.23 billion

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By Tomi Kilgore

Sempra Energy /zigman2/quotes/206074517/composite SRE +1.32% announced Monday a deal to sell its equity stakes in its Chilean businesses for $2.23 billion in cash to State Grid International Development. The utility company said the sale includes Sempra's 100% stakes in Chilquinta Energia S.A. and Tecnored S.A., and its 50% stake in Eletrans S.A. the deal is expected to close in the first quarter of 2020. Sempra said the deal concludes its plan to sell its South America businesses, for combined proceeds of $5.82 billion. "Proceeds from both of these transactions will be used to advance our business strategy by strengthening our company's balance sheet and supporting the growing capital needs of our utilities in California and Texas," said Chief Executive Jeffrey Martin. Sempra's stock, which was still inactive in premarket trading, has gained 4.0% over the past three months, while the SPDR Utilities Select Sector ETF /zigman2/quotes/206645117/composite XLU +1.48% has climbed 5.5% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.07% has lost 1.4%.

/zigman2/quotes/206074517/composite
US : U.S.: NYSE
$ 146.85
+1.92 +1.32%
Volume: 1.27M
Nov. 13, 2019 6:30p
P/E Ratio
16.99
Dividend Yield
2.64%
Market Cap
$40.12 billion
Rev. per Employee
$693,218
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/zigman2/quotes/206645117/composite
US : U.S.: NYSE Arca
$ 62.43
+0.91 +1.48%
Volume: 17.29M
Nov. 13, 2019 8:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,094.04
+2.20 +0.07%
Volume: 1.72B
Nov. 13, 2019 4:56p
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