Apollo strikes deal with BP

NEW YORK: Apollo Global Management has struck a US$1bil deal with BP Plc to fund its stake in the Trans Adriatic natural gas pipeline, according to a statement seen by Bloomberg News. Apollo Global Management bought a non-controlling stake in the BP subsidiary that holds the oil and gas company’s 20% stake in the pipeline. The deal lets BP maintain its governance control over the entity, according to the statement.

Proceeds from the deal, which is expected to close in the fourth quarter, will contribute to BP’s 2024 divestment. — Bloomberg.