IEnova, a unit of US energy company Sempra, has bought out a 25 per cent indirect stake held by Mexico’s state oil company, Pemex, in the Ramones II Norte gas pipeline, boosting its holding in the key duct to 50 per cent in a $520m deal.
IEnova bought the stake held by Pemex Transformación Industrial – the downstream division of the state company – in the Ductos Energéticos del Norte company, it said in a statement.
The transaction price was in line with similar deals in the North America, it said.
The $520m total value of the deal includes the purchase price of $231m plus proportional debt financing in the pipeline, representing principal of about $289m. The deal is expected to close in the third quarter, pending regulatory approval.
“This deal is in line with IEnova’s firm commitment to the development of energy infrastructure in the country and consolidates it as a leading company in the transport of natural gas in Mexico,” the statement said.
The Ramones II Norte pipeline connects the IEnova-owened Ramones I duct with the Ramones II Sur pipeline to carry gas from the US to north-central Mexico.
Following the deal, the Ramones II Norte pipeline is now 50 per cent owned by IENova through its 100 per cent stake in DEN, 45 per cent by investment funds and 5 per cent by Pemex through TAG Pipelines.