Energy infrastructure company Sempra Energy said on Monday it would sell a 20% stake in its new business platform, Sempra Infrastructure Partners, to investment firm KKR for $3.37 billion in cash.

The deal announced on Monday values Sempra Infrastructure Partners at about $25.2 billion, including expected asset-related debt at closing of $8.37 billion, the company said in a statement.

Proceeds from the sale will be used to help fund growth across Sempra Energy’s $32 billion capital program, which is centered on its U.S. utilities.

Read more at Reuters

By Arunima Kumar and Aditya Soni

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