Proceeds from the deal will contribute to BP’s 2024 divestment and other proceeds target of US$2-3 billion
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
