08:42 AM EDT, 09/23/2025 (MT Newswires) -- (Updates with EPS guidance and other details starting in the fourth paragraph.)

Sempra ( SRE ) said Tuesday it agreed to sell a 45% equity interest in Sempra Infrastructure Partners to affiliates of KKR (KKR) for $10 billion in cash.

The $10 billion transaction implies a $22.2 billion equity value as well as a $31.7 billion enterprise value for Sempra Infrastructure Partners, the energy infrastructure company said.

The transaction is expected to close between Q2 and Q3 in 2026, the company said. After deal close, a KKR-led consortium will be the majority owner of Sempra Infrastructure partners, holding a 65% stake, with Sempra ( SRE ) holding a 25% share and Abu Dhabi Investment Authority holding the remaining 10%.

Sempra ( SRE ) said it continues to expect full-year 2026 adjusted earnings per share of $4.8 to $5.3. Analysts polled by FactSet expect adjusted EPS of $5.

The company said the transaction will be accretive to EPS, providing a five-year average annual accretion of $0.2 starting in 2027.

The company also said that Sempra Infrastructure Partners reached a final investment decision to develop, build and operate the Port Arthur LNG phase 2 expansion project in Texas. The new phase of the project will include two natural gas liquefaction trains as well as one LNG storage tank and related facilities with nameplate capacity of 13 million metric tons per year of domestically-produced LNG, Sempra ( SRE ) said.

Phase 2 capital expenditures are forecast at $12 billion plus $2 billion for shared common facilities, Sempra ( SRE ) said, adding that commercial operations for trains 3 and 4 are slated to commence in 2030 and 2031, respectively.

Funding for the phase 2 expansion project includes investments from Blackstone (BX) Credit & Insurance and an investor consortium that includes KKR, Apollo Global Management ( APO )-managed funds (APO) and Goldman Sachs ( GS ) Alternatives' private credit division. The investors acquired a 49.9% minority stake for $7 billion with Sempra Infrastructure Partners retaining a 50.1% stake in the project.

Sempra ( SRE ) shares were up 3.2% in recent premarket activity.