Kirkland Advises CPP Investments in $31.7 Billion Sempra Infrastructure Partners Transaction

Kirkland & Ellis is advising Canada Pension Plan Investment Board (CPP Investments) in connection with Sempra's sale of a 45% equity interest in Sempra Infrastructure Partners, one of North America's leading energy infrastructure platforms, to affiliates of KKR and CPP Investments. At closing of the transaction, the consortium led by KKR and including CPP Investments will own 65% of Sempra Infrastructure Partners, while Sempra will hold a 25% equity stake and ADIA will hold a 10% equity stake. Subject to adjustments, the transaction proceeds of $10 billion in cash implies an equity value of $22.2 billion and an enterprise value of $31.7 billion for Sempra Infrastructure Partners. The transaction is expected to close in Q2 - Q3 2026, subject to regulatory approvals and other customary closing conditions.

Read the transaction press release

The Kirkland team includes corporate lawyers Kevin Crews, Allan Kirk and Jack Chadderdon; debt finance lawyers Lucas Spivey and Charles Martin; tax lawyers David Wheat, Steve Butler and Joe Tobias; real assets lawyers Pat Corrigan and Ahmed Alrikhaimi; energy regulatory lawyer Damien Lyster; capital markets lawyer Michael Rigdon; environmental transactions lawyer Jim Dolphin; executive compensation lawyer Stephen Jacobson; employment & labor lawyer Christie Alcala; and employee benefits lawyer Justin Coddington.