Monday, February 27, 2012

El Paso E&P Goes to Apollo

Last week El Paso announced that the company was selling its exploration and production company (called EP Energy) to a group led by private equity company Apollo Management Group for $7.15 billion.  The transaction was initiated by Kinder Morgan to fund part of Kinder's acquisition of El Paso.  The EP Energy/Apollo transaction is expected to close around the time of the Kinder/El Paso deal and is contingent upon the Kinder closing occurring.

There is no word yet on how Apollo plans to operate the company vis-a-vis its North American drilling operations.

2 comments:

Apollo Cigs said...

I've never heard of this Apollo management group. Let's hope they can handle it

Elizabeth J. Neal said...

The EP Energy/Apollo transaction is expected to close around the time of the Kinder/El Paso deal and is contingent upon the Kinder closing occurring. ecigs