NEW YORK--(BUSINESS WIRE)--Affiliates of Apollo Global Management, LLC (NYSE: APO) ("Apollo") announced today that they, along with Riverstone Holdings LLC, Access Industries, Inc. and other investors, have signed a definitive agreement to acquire all of the oil and gas exploration and production assets of El Paso Corporation for approximately $7.15 billion. The transaction is subject to the closing of the merger between Kinder Morgan, Inc. and El Paso Corporation and other customary closing conditions.
Josh Harris, Senior Managing Director at Apollo Global Management, said, “Apollo is acquiring a company with an impressive portfolio of valuable natural resource assets, a talented management team and a remarkable group of highly skilled employees. We look forward to building on El Paso’s impressive track record of success in partnership with Apollo’s natural resources expertise.”
About El Paso Corporation’s Exploration & Production Company
El Paso’s Exploration & Production Company (“El Paso E&P”) is one of North America’s leading domestic oil and natural gas producers with a substantial footprint in the emerging shale plays across the United States and through international developments in Brazil and Egypt. El Paso E&P is active in all phases of the E&P value chain: exploring for, acquiring, developing and producing oil and natural gas.
About Apollo Global Management, LLC
Apollo Global Management (together with its subsidiaries, “AGM”) is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. AGM has assets under management of more than $75 billion in private equity, credit-oriented capital markets and real estate funds invested across a core group of nine industries where AGM has considerable knowledge and resources. For more information about AGM, please visit http://www.agm.com.
About Riverstone Holdings LLC
Founded in 2000, Riverstone Holdings LLC is an energy and power-focused private equity firm with over $18 billion of equity capital raised across seven investment funds and co-investments, including the world’s largest renewable energy fund. Riverstone conducts buyout and growth capital investments in the midstream, exploration & production, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $16.4 billion to 80 investments in North America, Latin America, Europe and Asia. For more information, visit www.riverstonellc.com.
About Access Industries
Access Industries is a privately held, U.S.-based industrial group with long-term holdings worldwide. Founded by industrialist Len Blavatnik, Access' focus spans three key sectors: natural resources and chemicals; telecommunications and media; and real estate. For more information about Access, visit www.accessindustries.com.