[Editor’s note: This story was updated on Dec. 3 to correct IEnova’s valuation to $5.81 billion from $6.13 billion in headline and first paragraph. Also corrects second paragraph to say Sempra owns 70.2%, not 66.43%, of IEnova.]

Sempra Energy said on Dec. 2 it would buy the remaining stake in its Mexican unit in a deal valued at $5.81 billion.

The company currently owns 70.2% of Infraestructura Energética Nova SAB de CV (IEnova), according to Refinitiv Eikon data.

Sempra’s all-stock offer implies a price of 82 Mexican pesos per IEnova share, a 15.2% premium to the stock’s close on the Mexican stock exchange.

Following the deal, Sempra shares will trade on the Mexican stock exchange and the company will combine IEnova with its North American LNG export infrastructure unit Sempra LNG.

The company said the new unit, Sempra Infrastructure Partners, would focus on the development and construction of North American LNG export and natural gas infrastructure alongside renewable energy generation.

Sempra will sell a non-controlling interest in the new unit to fund growth, it said in a statement. All transactions are expected to be complete in first-quarter 2021.