Investment giant KKR has continued its infrastructure acquisition spree by closing a new deal with Sempra.
KKR has acquired a 20% stake in energy firm Sempra, forming a new platform dubbed Sempra Infrastructure.
According to Sempra, the $3.3bn cash raised from the sale will be used to fund further growth in the US utilities market and strengthen its balance sheet.
In April when the deal was first put together, Sempra Energy chairman and CEO Jeffrey Martin said: “Over the next decade, we expect the energy markets in North America to continue to grow and become increasingly integrated.
“Combining our resources with KKR improves our ability to capture new investment opportunities in cleaner forms of energy and the critical infrastructure that stores and transports it.”
Over the last year, KKR has picked up a series of major infrastructure acquisitions including a $4.7bn deal for the Macquarie Atlantic Aviation business and is currently in the final stages of closing a $2.7bn deal for British contractor John Laing.