Apollo inks US$1 billion deal with BP to fund stake in Trans Adriatic gas pipeline

Apollo Global Management has signed a US$1 billion deal with British energy major BP to fund its stake in the Trans Adriatic natural gas pipeline, the companies said on Monday (Sep 16).

The US-based asset management company would become a non-controlling shareholder in BP’s unit that holds a 20 per cent stake in Trans Adriatic Pipeline.

The proceeds from the deal will contribute to BP’s 2024 divestment and other proceeds target of US$2-3 billion, part of the company’s disciplined financial frame.

The deal is expected to close in the fourth-quarter. REUTERS