Apollo Inks $1 bln Deal with BP to Fund Stake in Trans Adriatic Gas Pipeline
09.16.2024 By Tank Terminals - NEWS

September 16, 2024 [Reuters]- Apollo Global Management has signed a $1 billion deal with British energy major BP to fund its stake in the Trans Adriatic natural gas pipeline, the companies said on Monday.

 

The U.S.-based asset management company would become a non-controlling shareholder in BP’s unit that holds a 20% stake in Trans Adriatic Pipeline AG.

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

The deal is expected to close in fourth-quarter.

 

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