JPMorgan (NYSE:JPM) Leading Sempra Energy (NYSE:SRE) Share Buyback

Sempra Energy (NYSE:SRE) has enlisted the help of JPMorgan Chase (NYSE:JPM) bank to buy back $500 million in common shares from the market.

The energy company said they'll re-acquire the common shares at a fixed discount based on market averages over the period of the acquisition, which should extend into the first quarter of 2011.

Sempra gained $0.69 a share on Wednesday, closing at $53.60, rising 1.30 percent.

Sempra Energy serves close to 29 million customers around the globe, and engages mostly in the development of energy infrastructure and operation of utilities. They also provide a variety of other products and services related to the energy sector.