Associated Press
Posted on February 24, 2012 at 10:02 PM
Updated today at 6:03 AM
HOUSTON (AP) ? El Paso Corp. says it is selling its oil and gas exploration and production business to an investor group for $7.15 billion.
The deal announced Friday calls for El Paso to sell EP Energy Corp. to affiliates of Apollo Global Management LLC, Riverstone Holdings LLC and Access Industries Inc., among others.
The transaction is subject to the closing of Houston pipeline company Kinder Morgan Inc.'s proposed acquisition of El Paso for $20.7 billion.
That deal is expected to close in the second quarter of this year, as is the sale of EP Energy.
Kinder Morgan plans to use most of the proceeds of the EP Energy sale to pay down debt it has taken on to fund the El Paso acquisition.
Source: http://www.wfaa.com/news/business/140378233.html
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