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Billion-Dollar Mexico Oil Equity Placement Reportedly In Offing

One of the biggest Mexican equity placements in years could soon take place as Infraestructura Energetica Nova (IEnova) is expected to earn at least US$1 billion in a secondary share offering to purportedly take place in October.

According to Reuters, three anonymous sources explained that the deal, which has yet to go public, would involve Credit Suisse and JP Morgan to underwrite the offer.

Spokespeople for IEnova, Credit Suisse and JP Morgan did not provide comments to Reuters.

IEnova, a unit of U.S. firm Sempra Energy, is reportedly hoping that funds from the offering can help it fund major investments in the aftermath of the energy reform aimed at breaking up the Pemex monopoly in Mexico. A deal allowing IEnova to buy out the 50 percent stake in pipeline company Gasoductos de Chihuahua could be finalized by the third quarter of this year.

In addition, IEnova partnered with TransCanada to construct and operate a natural gas pipeline from South Texas across the United States border to Tuxpan in Mexico.

IEnova has also been involved in Mexico’s burgeoning renewable energy sector and took a big step earlier this month by acquiring the Ventika wind farm for US$850 million.

A report by analysts at Barclays published last August praised IEnova for having very promising prospects. The deals reached in 2015-2016 including those expected to be finalized later this year will allegedly generate more than US$1.8 billion for IEnova, per Barclays.

The firm received shareholder approval in September last year to issue equity of up to 330 million additional shares, which could generate up to US$1.27 billion.

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By Erwin Cifuentes for Oilprice.com

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