BP Sells $1B Stake in Trans Adriatic Pipeline to Apollo, Retains Control, Eyes Future Gas and Low-Carbon Projects
Portfolio Pulse from Benzinga Newsdesk
BP has sold a $1 billion non-controlling stake in its Trans Adriatic Pipeline subsidiary to Apollo, while retaining control. The deal aligns with BP's strategy to focus on gas and low-carbon projects, and contributes to its divestment targets. BP and Apollo plan to explore further investment opportunities together.
September 16, 2024 | 10:16 am
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POSITIVE IMPACT
Apollo acquires a $1 billion non-controlling stake in BP's Trans Adriatic Pipeline subsidiary. This partnership provides Apollo with exposure to a stable infrastructure asset and potential future collaborations with BP.
Apollo's acquisition provides it with a stable cash flow asset and opens doors for future collaborations with BP, aligning with its investment strategy in infrastructure and sustainability.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
BP sold a $1 billion stake in its Trans Adriatic Pipeline subsidiary to Apollo, retaining control. This transaction supports BP's divestment goals and focus on gas and low-carbon projects.
The sale aligns with BP's strategic focus on gas and low-carbon projects, while also contributing to its divestment targets. Retaining control ensures BP's continued influence over a key asset.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90