BP (BP) and Apollo Global Management (APO) said Friday that they reached an agreement for Apollo-managed funds to purchase a 25% non-controlling stake in BP's 12% interest in the pipeline carrying natural gas from Azerbaijan through Turkey.
Under the agreement, Apollo will pay about $1 billion for a stake in BP TANAP, the subsidiary that holds BP's interest in the 1,800-kilometer pipeline, the companies said.
The transaction is anticipated to close in Q2, subject to regulatory and shareholder approvals, the companies said.
BP will remain the controlling shareholder of BP TANAP, the companies said.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.