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Report: Blackstone, Apollo mull bid for majority stake in Western Midstream

Investment firms including Blackstone Group Inc. and Apollo Global Management Inc. are considering bidding to acquire a majority stake in Western Midstream Partners LP from Occidental Petroleum Corp., Bloomberg News reported Sept. 19, citing people familiar with the matter.

Apollo could take a stake in Western Midstream through Spartan Energy Acquisition Corp., a special-purpose acquisition vehicle sponsored by the company, sources told Bloomberg. Other investment firms that expressed interest are Global Infrastructure Partners and KKR & Co., the sources said.

Occidental, which reportedly started exploring the sale of a majority stake in Western Midstream around June, could strike a deal at the end of the year, the sources told Bloomberg. Occidental could still decide to keep full ownership of the partnership, according to the report.

Western Midstream was formed by Anadarko Petroleum Corp. to own and operate midstream energy assets. Anadarko ceased to exist Aug. 8, as the company's shareholders voted to approve its $57 billion acquisition by fellow oil and gas producer Occidental.

Representatives for Blackstone, Apollo, Global Infrastructure Partners and KKR declined to comment; while those for Occidental, Western Midstream and Spartan did not respond to requests for comment, Bloomberg reported.