Apollo Global Management Inc has agreed to buy a majority interest in gas transportation company Total Operations and Production Services LLC.
The private equity firm has reached a deal with current owner Black Bay Energy Capital to take a majority stake in the company, Apollo said in a statement. The deal values the company, known as TOPS, at less than $1 billion, according to a person familiar with the matter who asked not to be identified
because the terms weren’t public.
Further capital to fund growth will be made available to the Midland, Texas-based company. JPMorgan Chase & Co supported the deal with an upsized credit facility.