San Diego Sempra Energy’s Mexican subsidiary IEnova bought a 25 percent indirect stake held by Mexico’s state oil company Pemex in the Ramones II Norte gas pipeline, bringing IEnova's stake to 50 percent.
The $520 million deal, announced Oct. 6, calls for IEnova to acquire Pemex’s stake in the pipeline for $231 million, plus Pemex’s portion of the outstanding debt in the pipeline, which stands at $289 million.
The 281-mile pipeline transports natural gas from Nuevo Leon to San Luis Potosi. It became operational in February 2016.
Mexico’s Federal Antitrust Commission, among other agencies, must sign off on the deal, which Sempra hopes closes by Q4 this year.
Sempra Energy, based in San Diego, reported 2016 revenues north of $10 billion. The company also made news this week when it announced a revision to the financing structure of its bid to buy Texas utility giant Oncor, a move intended to win over regulators.