September 16, 2024 08:53 GMT
ENERGY SECTOR: Apollo Buys Part In BP’s Adriatic Pipeline Stake; Not A Mover
ENERGY SECTOR
A1/A-/A+
- Media outlets are reporting that Apollo is acquiring a non-controlling stake in BP Pipelines TAP Limited for USD 1bn, which holds BP’s 20% stake in the Trans Adriatic Pipeline.
- Deal supports BP’s divestment goals for 2024 and helps reduce debt but only marginally given the USD 22.6bn in net debt as of Q2 (<0.1x leverage impact).
55 words