Sempra Sells 45% Stake in Infrastructure Unit to KKR Group for $4.56 Billion Cash

what happened

In an 8-K filing with the U.S. Securities and Exchange Commission, Sempra reported that on November 12, 2026 it finalized the divestiture of a 45% holding in Sempra Infrastructure Partners, LP (SI Partners). The buyers are vehicles tied to KKR and co-investor Canada Pension Plan Investment Board.

Sempra received $4.56 billion in cash at closing, with figures still open to later adjustments. The balance is set to arrive through promissory notes and similar instruments: roughly $4.51 billion including interest due December 31, 2027, and about $2.31 billion if the notes run to February 11, 2034. The nearer-dated instruments are backed by equity commitments from investors in the KKR partnership.

Sempra estimates a pre-tax gain of $2.8 billion to $3.3 billion, or $2.0 billion to $2.4 billion after tax, and extra transaction costs of $450 million to $550 million. These figures are preliminary. After the deal KKR holds 65% of SI Partners, Sempra keeps 25% and ADIA holds 10%. Sempra will stop consolidating the unit and account for its remaining stake under the equity method.

why it matters

For investors, the deal brings a large cash inflow and a one-time accounting gain, while removing the consolidated results of a major infrastructure asset from Sempra's reports. Because part of the proceeds is spread over several years, the cash flow picture will unfold gradually, and the market will likely watch how the company deploys the money it has received.

market impact

Sempra (SRE): large cash proceeds and a one-time gain from the sale support the stock

• ▲Sempra shares (SRE) pressure up — large cash proceeds and an expected one-time gain from the sale

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