Apollo inks $1 billion deal with BP to fund stake in Trans Adriatic gas pipeline

(Reuters) -Apollo Global Management has signed a $1 billion deal with British energy major BP (NYSE:) to fund its stake in the Trans Adriatic pipeline, the companies said on Monday.

The U.S.-based asset management company would become a non-controlling shareholder in BP’s unit that holds a 20% stake in Trans Adriatic Pipeline AG.

The proceeds from the deal would will contribute to BP’s 2024 divestment and other proceeds target of $2-3 billion, part of the company’s disciplined financial frame.

The deal is expected to close in fourth-quarter.