Sempra nears $3bn Chile sale to China’s State Grid

14 October, 2019 12:00 AM printer

NEW YORK: US power company Sempra Energy is near an agreement to sell its Chilean business to State Grid Corporation of China for close to US$3 billion, the latest deal in its bid to shed non-core assets, people familiar with the matter said on Friday.

Sempra has been seeking to bolster its finances and increase its appeal to investors after a wave of wildfires in California exposed it and other utilities to more legal liabilities. It also came under pressure from hedge fund Elliott Management Corp and investment firm Bluescape Group to scale back its global operations, report agencies.

Sempra’s deal with State Grid Corporation of China could be announced as early as next week, the sources said.