07:45 AM EDT, 09/16/2024 (MT Newswires) -- Apollo Global Management ( APO ) and BP (BP) said Monday that Apollo-managed funds have agreed to purchase a non-controlling stake in BP Pipelines TAP Limited, which holds a 20% share in Trans Adriatic Pipeline AG, for about $1 billion.

Trans Adriatic Pipeline owns and operates the final 880-kilometer stretch of the Southern Gas Corridor pipeline that transports natural gas from the BP-operated Shah Deniz gas field in the Caspian Sea to European markets like Greece and Italy, the companies said.

The deal is set to close in Q4, subject to customary regulatory and partner approvals.

Upon deal completion, BP will remain the controlling shareholder of BP Pipelines TAP.

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