Apollo Global Eyes $10B Aramco Deal

Apollo Global Management is leading a group of investors aiming to buy a roughly US$10 billion stake in Saudi Aramco’s oil pipelines, reported Bloomberg.

The buyout firm’s consortium will include US and Chinese investors and has been shortlisted to make a final offer, the people said, asking not to be identified as the matter is private. Aramco, Saudi Arabia’s state energy company, has narrowed the pool of bidders and Canada’s Brookfield Asset Management and BlackRock are no longer involved, the people said.

While the Apollo consortium is currently seen as a leading contender, another bidder could still emerge as the winner, the people said.

Aramco, the world’s biggest oil company, may choose a winner in the coming weeks, though it could decide not to sell the stake, according to the people.

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