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Apollo to acquire equity investment portfolio from GE Energy Financial Services

Funds managed by affiliates of Apollo Global Management LLC agreed to acquire an approximately $1 billion portfolio of predominantly equity investments in energy assets from GE Capital's energy financial services unit, GE Energy Financial Services.

The portfolio consists of roughly 20 investments in renewable energy, contracted natural gas fired generation and midstream energy infrastructure assets, primarily in the U.S. In connection with this transaction, the parties will seek to form an ongoing relationship with respect to select future new energy infrastructure investments.

Financial details of the transaction were not disclosed.

The acquisition is subject to customary conditions and is expected to close in the fourth quarter.

Bank of America Merrill Lynch and PJT Partners served as financial advisers to GE Capital, and Gibson Dunn & Crutcher and Latham & Watkins provided legal advice to the company for the deal.

Citigroup Global Markets Inc. served as lead financial adviser, and RBC Capital Markets and Goldman Sachs also served as financial advisers to Apollo.

RBC Capital Markets, Goldman Sachs and Bank of Montreal provided financing to Apollo for the transaction. Paul Weiss Rifkind Wharton & Garrison LLP, Milbank Tweed Hadley & McCloy LLP and Vinson & Elkins LLP served as Apollo's legal advisers.