El Paso (EP) May Sell Exploration Assets in $7B Deal
Down)
Reports out over the weekend suggest El Paso (NYSE: EP) may be involved in a deal to sell its exploration unit to an Apollo Global Management-led private equity group for around $7 billion. The only other firm named in the group is Riverstone Holdings.
Other firms are also expected to make bids for the assets, according to the WSJ.
El Paso is already in an agreement to be acquired by Kinder Morgan (NYSE: KMI) in a $21.1 billion deal. Richard Kinder, the CEO of Kinder Morgan, said he'd prefer to sell El Paso assets all at the same time, though the option to divest assets in parts is still open.
Information related to the finances of the exploration unit has already been circulated to potential bidders. No time frame was given for closing of the deal.
Shares of El Paso and Kinder Morgan are both lower Monday.
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Other firms are also expected to make bids for the assets, according to the WSJ.
El Paso is already in an agreement to be acquired by Kinder Morgan (NYSE: KMI) in a $21.1 billion deal. Richard Kinder, the CEO of Kinder Morgan, said he'd prefer to sell El Paso assets all at the same time, though the option to divest assets in parts is still open.
Information related to the finances of the exploration unit has already been circulated to potential bidders. No time frame was given for closing of the deal.
Shares of El Paso and Kinder Morgan are both lower Monday.
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
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