Apollo inks venture for $2 billion LNG marine infrastructure platform
New Fortress Energy LLC NFE, +0.10% announced Tuesday that it will sell 11 liquid natural gas infrastructure vessels to a new joint venture formed with Apollo Global Management Inc. APO, +1.61% in a deal valued at $2 billion. Apollo will own about 80% of the JV and New Fortress Energy will own 20%. As part of the deal, NFE agreed to charter 10 of the 11 vessels for up to 20 years.
"Together with Apollo, we are creating a leading LNG marine infrastructure platform to help accelerate the energy transition while freeing up capital to continue to invest into our Fast LNG and downstream LNG projects worldwide," said NFE Chief Executive Wes Edens. NFE and Apollo shares were still inactive in premarket trading. Year to date, NFE's stock has soared 64.1% and Apollo shares have tumbled 32.0%, while the S&P 500 SPX, +1.06% has dropped 19.7%.
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