Apollo funds to acquire $1 billion of equity investments from GE Capital’s energy financial services unit

Apollo funds to acquire $1 billion of equity investments from GE Capital’s energy financial services unit

Funds managed by Apollo Global Management LLC APO, -3.76% have agreed to acquire a portfolio of equity investments worth about $1 billion from GE Capital’s GE, +4.11% energy financial services unit. No terms were disclosed, but the portfolio comprises about 20 investments in renewable energy, contract natural gas fired generation and midstream energy infrastructure assets, mostly in the U.S., Apollo said in a statement. The deal is expected to close in the fourth quarter and may be followed by further deals between the parties. Ge shares rose 2.8% premarket on the news, but are down 24.5% in 2018, while the S&P 500 SPX, -0.55% has gained 8%.

Have breaking news sent to your inbox. Subscribe to MarketWatch’s free Bulletin emails. Sign up here.

Related posts