Apollo Inks $1 Billion Deal With BP for Stake in Gas Link (2)

Apollo Global Management agreed to pay BP Plc $1 billion for a stake in a key Caspian-region natural gas pipeline, a move that will help the energy major reallocate some of its resources as oil prices slump.

The New York-based investor will buy a non-controlling interest in a BP subsidiary holding a 20% stake in the Trans Adriatic Pipeline, the companies said in a statement. The pipeline is part of a network linking a BP-operated gas field in Azerbaijan to countries including Italy and Greece.

The deal lets BP maintain its governance over the entity as the controlling shareholder, while ...