(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.
(Reporting by Disha Mishra and Arunima Kumar in Bengaluru; Editing by Nivedita Bhattacharjee and Rashmi Aich)