Apollo’s Acquisition of $1 Billion Portfolio from GE Capital’s Energy Financial Services


Bank of America Merrill Lynch and PJT Partners provided financial advice, and Gibson Dunn & Crutcher and Latham & Watkins, provided legal advice to GE Capital. Citigroup Global Markets Inc. served as lead financial advisor and RBC Capital Markets and Goldman Sachs also served as financial advisors to Apollo. RBC Capital Markets, Goldman Sachs and Bank of Montreal provided financing to Apollo for the transaction. Paul, Weiss, Rifkind, Wharton & Garrison LLP, Milbank, Tweed, Hadley & McCloy LLP, and Vinson & Elkins LLP served as Apollo’s legal advisors.

Funds managed by affiliates of Apollo Global Management, LLC (NYSE: APO) and GE Capital (NYSE: GE) have entered into a definitive agreement for the Apollo Funds to acquire an approximately $1 billion portfolio, including assumed obligations, of predominantly equity investments in energy assets from GE Capital’s Energy Financial Services unit. The Equity Portfolio comprises approximately 20 investments in renewable energy, contracted natural gas fired generation and midstream energy infrastructure assets, primarily in the US. In connection with this transaction, the parties will seek to form an ongoing relationship with respect to select future new energy infrastructure investments. Financial details of the transaction are not disclosed.

GE Energy Financial Services continues to use its expertise to invest in and structure third party financial solutions for GE’s power and renewable energy customers, globally.

The completion of the acquisition is subject to customary conditions and is expected to close in the fourth quarter of 2018.

Vinson & Elkins advised funds managed by affiliates of Apollo Global Management, LLC with a team including Jim Fox (Picture), David Cohen, Patrick Whelan, Kristen Spitaletta, Michael Makhotin, Dan Komarek, Tzvi Werzberger, Damien Lyster, Simone King and Melan Patel.

Involved fees earner: James Fox – Vinson & Elkins LLP; Patrick Whelan – Vinson & Elkins LLP; Kristen Spitaletta – Vinson & Elkins LLP; David Cohen – Vinson & Elkins LLP; Dan Komarek – Vinson & Elkins LLP; Tzvi Werzberger – Vinson & Elkins LLP; Michael Makhotin – Vinson & Elkins LLP; Melan Patel – Vinson & Elkins LLP; Simone King – Vinson & Elkins LLP; Damien Lyster – Vinson & Elkins LLP;

Law Firms: Vinson & Elkins LLP;

Clients: Apollo Global Management;