Sempra nears $3 billion sale of Chilean businesses to China's state Grid



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Sempra nears $3 billion sale of Chilean businesses to China's state Grid

Sempra Energy, the San Diego, CA-based North American energy infrastructure giant, with an annual revenue of $11.69 billion as of last December, had been nearing a deal to sell its Chilean businesses to China's state-backed electric utility monopoly, State Grip Corp., world's second-largest utility company by revenue headquartered in Beijing, China, sources familiar with the subject-matter had unveiled on Friday, the 11th of October 2019.

In point of fact, latest Sempra deal aimed at exiting its Chilean operations came forth against a backdrop, while the CA-based energy tycoon had been ramping up efforts to shed some of its non-core assets in a bid to grapple with an increasingly competitive US energy industry.

Aside from that, Sempra had been under steep pressure from investors following a series of California wildfires that exposed a raft of CA-based utility companies to claims and liabilities alongside PG&E, while two of the Sempra's major stakeholder, investment firm Bluescape Group alongside Elliott Management Group had been pressing the energy infrastructure giant to back off of its global operations to slash expenses and to focus more on to its core businesses amid frets that the company could face off a havoc-scale settlement costs over California wildfire claims.