Apollo Global has agreed to acquire a majority stake in OEG Energy Group (OEG), an offshore energy solutions business, from funds managed by Oaktree Capital Management (Oaktree) and other investors, in a deal that values the business at $1bn.
Oaktree and others investors will retain a minority equity interest in the company.
OEG is a scaled provider of core services across the offshore energy ecosystem, delivering development and operations solutions to oil & gas (O&G) and wind end markets for more than 50 years. The company owns and operates one of the world’s largest fleets of cargo carrying units (CCUs), with over 75,000 units, enabling the safe transportation of essential cargo to and from offshore energy installations. OEG’s Renewables segment is a global, integrated provider of key technical solutions and services to the offshore wind sector.
Over the past five years, Apollo-managed funds and affiliates have committed, deployed, or arranged approximately $58bn of climate and energy transition-related investments, supporting companies and projects across clean energy and infrastructure.
The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals, and is expected to close in Q2 2025.
Banco Santander acted as financial advisor and Vinson & Elkins served as legal counsel to the Apollo funds on the transaction.
Goldman Sachs International acted as financial adviser to Oaktree, while Gibson, Dunn & Crutcher (corporate) and Latham & Watkins (financing & antitrust) served as legal advisers.
White & Case served as legal counsel to OEG management.
