El Paso to Sell Exploration and Production Company
El Paso Corporation (NYSE: EP ) today announced that it has entered into a definitive agreement to sell its exploration and production business, EP Energy Corporation for approximately $7.15 billion to affiliates of Apollo Global Management (NYSE: APO ) and Riverstone Holdings, who are joined by Access Industries and other parties. El Paso's entering into a definitive agreement for the sale of its exploration and production business was contemplated in Kinder Morgan's (NYSE: KMI ) previously announced agreement to acquire El Paso Corporation. The sale of EP Energy is dependent upon completion of the Kinder Morgan-El Paso transaction, which is expected to close in the second quarter of 2012, subject to customary regulatory approvals. The sale of EP Energy is also expected to close about the same time as that transaction.
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