("El Paso To Sell Exploration And Production Business For $7.15
Bln," at 5:59 PM, misstated the name of the private equity firm in
the first paragraph. The correct version follows:)
DOW JONES NEWSWIRES
El Paso Corp. (EP) said it will sell its oil-and-gas exploration
unit for approximately $7.15 billion to a group led by
private-equity firm Apollo Global Management LLC.
Last year, Kinder Morgan Inc. (KMI) agreed to buy El Paso Corp.
for $21 billion, and said it would sell the company's exploration
and production unit to help finance its bid. Kinder Morgan's deal
to purchase El Paso is expected to close by the second quarter of
this year.
The sale of the unit--EP Energy Corp.--is also expected to close
about the same time as the Kinder Morgan-El Paso merger.
"We are pleased that this pending sale will allow the El Paso
exploration and production assets to be kept intact as a single
entity," said Kinder Morgan Chairman and CEO Richard D. Kinder.
The Wall Street Journal reported earlier Friday that the
Apollo-led group, which also includes energy-focused private-equity
firm Riverstone Holdings and Len Blavatnik's Access Industries, was
nearing a deal for EP Energy for about $7 billion, citing people
familiar with the matter.
El Paso shares rose by 8 cents to $27.24 in recent after hours
trading while Kinder Morgan shares were up by 29 cents at
$33.53.
-By Nathalie Tadena, Dow Jones Newswires; 212-416-3287;
nathalie.tadena@dowjones.com