⚡ Sold 45% for $9.99 billion, received $4.56 billion on closing day
On November 12, Sempra closed the sale of a 45% stake in Sempra Infrastructure Partners to KKR-affiliated funds, with the Canada Pension Plan Investment Board participating indirectly. The agreed base price was $9.99 billion. The agreement was signed on September 22, 2025, and closing took nearly 14 months from signing.
The money comes in three installments.
Sempra received $4.56 billion in cash on closing day. The base amount was $4.65 billion, reduced by $90 million after closing adjustments.
The first promissory note is for $4.14 billion, compounds quarterly at 7.5%, and matures on December 31, 2027, with principal and interest totaling $4.51 billion. The payer is an indirectly held entity on KKR’s side, backed by capital commitment letters from fund investors. It ranks behind the subsidiaries’ senior debt in the repayment order.
The second note is for $1.2 billion. It bears interest at 8.5% until January 1, 2031, then steps up to 10%. It matures on February 11, 2034, and will total $2.31 billion in principal and interest if held to maturity.
Slow means expensive.
Together, the three payments turn a $9.99 billion offer into $11.38 billion in cash over the full term. The portion received today accounts for 45.6%. The rest depends on waiting.
The delay had a price tag, too. The original agreement said that if closing had not occurred by March 31, 2026, a ticking fee of 0.625% per month on $9.99 billion would accrue daily starting April 1—about $62.44 million a month. The deal actually closed in November, more than seven months late.
For accounting purposes, Sempra expects to recognize a gain on sale of $2.8 billion to $3.3 billion, or $2 billion to $2.4 billion after tax, and separately record $450 million to $550 million in transaction costs. Sempra has lost control and will stop consolidating the business in its financial statements starting November 12; the remaining 25% will be accounted for under the equity method. After closing, KKR’s side holds 65%, while the Abu Dhabi Investment Authority’s 10% stake remains unchanged. The share price barely reacted: it closed at $79.54 on November 13, up 0.7%.
The price is written into the coupons. The note due at the end of 2027 pays 7.5%; the one stretching seven or eight years starts at 8.5% and later rises to 10%. Right now, putting dollars into on-chain lending pools earns an annualized 5.26% on Aave USDC deposits (directly pulled from DefiLlama). Those few percentage points are the price of collateral and repayment priority. Time has value.
The crypto world sells the same kinds of things every day: stablecoin reserves, proof of exchange assets, token unlock schedules, and buyback commitments from project companies. They all turn future money into money today. Coupons and repayment priority are the anchors of pricing.
On-chain, it’s more straightforward. Time is divided into eight-hour periods, and funding rates are collected every interval. Private equity stretches time into eight years, with a single promissory note.
As for the market, BTC ranged from 67,197 to 67,256 across six price sources, down 1.5% to 3.1% over 24 hours. ETH ranged from 1,908 to 1,910.
#中本聪国际社区Baoluo币商资本 #加密货币 #EnergyInfrastructure
On November 12, Sempra closed the sale of a 45% stake in Sempra Infrastructure Partners to KKR-affiliated funds, with the Canada Pension Plan Investment Board participating indirectly. The agreed base price was $9.99 billion. The agreement was signed on September 22, 2025, and closing took nearly 14 months from signing.
The money comes in three installments.
Sempra received $4.56 billion in cash on closing day. The base amount was $4.65 billion, reduced by $90 million after closing adjustments.
The first promissory note is for $4.14 billion, compounds quarterly at 7.5%, and matures on December 31, 2027, with principal and interest totaling $4.51 billion. The payer is an indirectly held entity on KKR’s side, backed by capital commitment letters from fund investors. It ranks behind the subsidiaries’ senior debt in the repayment order.
The second note is for $1.2 billion. It bears interest at 8.5% until January 1, 2031, then steps up to 10%. It matures on February 11, 2034, and will total $2.31 billion in principal and interest if held to maturity.
Slow means expensive.
Together, the three payments turn a $9.99 billion offer into $11.38 billion in cash over the full term. The portion received today accounts for 45.6%. The rest depends on waiting.
The delay had a price tag, too. The original agreement said that if closing had not occurred by March 31, 2026, a ticking fee of 0.625% per month on $9.99 billion would accrue daily starting April 1—about $62.44 million a month. The deal actually closed in November, more than seven months late.
For accounting purposes, Sempra expects to recognize a gain on sale of $2.8 billion to $3.3 billion, or $2 billion to $2.4 billion after tax, and separately record $450 million to $550 million in transaction costs. Sempra has lost control and will stop consolidating the business in its financial statements starting November 12; the remaining 25% will be accounted for under the equity method. After closing, KKR’s side holds 65%, while the Abu Dhabi Investment Authority’s 10% stake remains unchanged. The share price barely reacted: it closed at $79.54 on November 13, up 0.7%.
The price is written into the coupons. The note due at the end of 2027 pays 7.5%; the one stretching seven or eight years starts at 8.5% and later rises to 10%. Right now, putting dollars into on-chain lending pools earns an annualized 5.26% on Aave USDC deposits (directly pulled from DefiLlama). Those few percentage points are the price of collateral and repayment priority. Time has value.
The crypto world sells the same kinds of things every day: stablecoin reserves, proof of exchange assets, token unlock schedules, and buyback commitments from project companies. They all turn future money into money today. Coupons and repayment priority are the anchors of pricing.
On-chain, it’s more straightforward. Time is divided into eight-hour periods, and funding rates are collected every interval. Private equity stretches time into eight years, with a single promissory note.
As for the market, BTC ranged from 67,197 to 67,256 across six price sources, down 1.5% to 3.1% over 24 hours. ETH ranged from 1,908 to 1,910.
#中本聪国际社区Baoluo币商资本 #加密货币 #EnergyInfrastructure
