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IEnova: Flash IENOVA: Takeover bid result for IENOVA shares

  • From the takeover bid, Sempra Energy acquired 26.2% of IENOVA's outstanding shares, increasing its stake to 96.4%
  • As a result of the exchange offer, Sempra's common stock will begin trading on the MSE as of May 28
  • This opens an interesting window to continue investing in energy. With this offer we conclude coverage of IENOVA shares

In a press release sent by Sempra Energy to the Mexican Stock Exchange (MSE), it announced the result of the takeover bid and reciprocal subscription of IENOVA's outstanding shares, in which it acquired 26.2% (of a total of 29.8%), thereby increasing its shareholding to 96.4%. Thus, as a result of the exchange offer, Sempra's common stock will begin trading on the MSE as of May 28, with ticker symbol "SRE" and at a price equivalent to the company's closing price on the NYSE on the business day prior to such date, at the FIX exchange rate. As an exercise, considering Sempra Energy's yesterday's (May 24, 2021) closing price of US$137.76 per share and yesterday's FIX exchange rate of MXN 19.8671, the price would be ~MXN 2,737.

As we mentioned at the beginning, this transaction opens an interesting window to continue investing in the energy sector through the MSE. While, on our side, with this offer we have finally concluded our coverage of IENOVA shares.  


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