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Sempra Energy To Its Sell Interests In Peruvian Businesses For $3.59 Bln Cash

Sempra Energy (SRE) agreed Monday to sell its equity interests in its Peruvian businesses, including its 83.6% stake in Luz del Sur S.A.A. (Luz del Sur), to China Yangtze Power International (Hongkong) Co., Ltd.

Sempra Energy's interests will be sold for $3.59 billion in cash, subject to closing adjustments for working capital and net indebtedness.

The sale will also include Sempra Energy's interest in Tecsur S.A., which provides electric construction and infrastructure services to Luz del Sur and third parties, and Inland Energy S.A.C., Luz del Sur's generation business. Luz del Sur serves the southern region of Lima, Peru, and is the largest electric company in the country.

The sale is expected to be completed in the first quarter of 2020, subject to customary closing conditions, including approval by the Peruvian anti-trust authority and the Bermuda Monetary Authority.

Sempra Energy said proceeds from the transaction will be used to strengthen its balance sheet and meet the growing capital needs of its core utilities in California and Texas.

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