El Paso Hands Off Exploration Co. To Apollo, Others For $7B

Law360, New York (February 24, 2012, 10:00 PM EST) -- El Paso Corp. has agreed to sell its exploration and production business EP Energy Corp. for about $7.15 billion to Apollo Global Management LLC, Riverstone Holdings LLC and Access Industries Inc., the company announced Friday.

The deal is contingent upon the completion of Kinder Morgan Inc.’s $21 billion buyout of El Paso, which is expected to close in the second quarter of 2012, the company said.

"We are pleased that this pending sale will allow the El Paso exploration and production assets to be kept intact...
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