Equity Analysis /
Mexico

IEnova: Flash IENOVA: Receives Sempra Energy's definitive offer

  • IENOVA received a final letter from Sempra Energy, regarding the take-over bid for ⁓29.83% of IENOVA's shares

  • The bid price per share is MXN 87.20 (vs MXN 82.00 previously), and remains subject to governmental authorizations

  • Attention will be on news from Sempra Infrastructure Partners and its possible Mexican Stock Exchange listing

Marissa Garza Ostos
Marissa Garza Ostos

Head of Equity Research

Jose Itzamna Espitia Hernandez
Jose Itzamna Espitia Hernandez

Senior Equity Research Analyst, Infrastructure, Materials and Transportation

Banorte
12 April 2021
Published by

IENOVA reported that the Corporate Practices Committee received a non-binding definitive letter from Sempra Energy, regarding the take-over bid (OPA) for the outstanding shares (29.83% of IENOVA's total shares), in exchange for Sempra shares at an exchange factor of 0.0323. Based on the foregoing, the price per share of the takeover bid is MXN 87.20.

It should be noted that the exchange offer remains subject to the required governmental authorizations and to the opinion of IENOVA's Board of Directors, which will take into account the recommendation of the aforementioned Committee, which in turn will be supported by the analysis of an independent expert.

With this update, the OPA price for IENOVA shares improves ($82.00 previously), and is 5% above the current price. After the offer, which we believe will not be long before it is completed, attention will be focused on any news from Sempra Infrastructure Partners and any indication of its possible listing on the Mexican Stock Exchange.