Equity Analysis /
Mexico

IEnova: Takeover bid for IENOVA shares initiated

  • The takeover bid and reciprocal subscription of IENOVA's outstanding shares (433,242,720, ⁓29.8% of total) began today

  • Holders have until May 24, 2021 to tender their shares. The record and settlement date for Sempra's shares is May 28

  • We will monitor the takeover bid, and the listing of the new entity Sempra Infrastructure Partners on the MSE

Marissa Garza Ostos
Marissa Garza Ostos

Head of Equity Research

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Jose Itzamna Espitia Hernandez
Jose Itzamna Espitia Hernandez

Senior Equity Research Analyst, Infrastructure, Materials and Transportation

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Banorte
27 April 2021
Published byBanorte

IENOVA (OPA Price, ⁓MXN $87.50)

In a press release sent by Sempra Energy to the Mexican Stock Exchange (BMV), it was announced that the takeover bid (OPA) and reciprocal subscription of IENOVA's outstanding shares (433,242,720 shares, ⁓29.8% of the total) began today. At current prices this would be equivalent to ⁓$87.50 per share.

Holders have until May 24, 2021 to tender their shares (maturity date). The record date for Sempra Energy's common shares on the BMV will be May 28 (also settlement date).

We will continue to monitor the evolution of the takeover bid, as well as the listing of the new entity Sempra Infrastructure Partners on the Mexican stock market, which we believe allows us to continue to have the option to participate in the sector in Mexico.