Apollo Taps Nearly $1 Billion of Private Debt for PowerGrid Buy
Apollo Global Management Inc. is turning to private credit to finance its acquisition of electric utility PowerGrid Services from Sterling Group, according to people with knowledge of the matter.
Brookfield Asset Management, Blackstone Inc. and JPMorgan Chase & Co. 's direct lending businesses are funding a nearly $1 billion debt package to finance Apollo's approximately $2 billion purchase, said the people, who asked not to be identified discussing private information.
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