The deal values Sempra Infrastructure Partners at about $25.2 billion, including expected asset-related debt, Sempra said Monday in a statement.
The move comes four months after Sempra announced the creation of the new unit to simply its corporate structure and aid the development of gas and renewables projects.
“Combining our resources with KKR improves our ability to capture new investment opportunities in cleaner forms of energy and the critical infrastructure that stores and transports it,” Sempra Chief Executive Officer Jeffrey W. Martin said in the statement.
In December, as part of that plan, Sempra announced it was buying out minority investors in Mexico’s Infraestructura Energetica Nova for about $2 billion. Sempra Infrastructure also includes Sempra LNG, which is developing a terminal to export the fuel from Mexico.
KKR will invest via its Global Infrastructure Investors Funds. The deal is expected to close by mid-2021.