El Paso To Sell Exploration And Production Business For About $7.15 Bln

2/24/2012 5:58 PM ET

El Paso Corp. (EP: Quote) 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, LLC and Riverstone Holdings, LLC, who are joined by Access Industries, Inc. 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, Inc.'s (KMI: Quote) previously announced agreement to acquire El Paso Corporation.

El Paso noted that 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. The sale of EP Energy is also expected to close about the same time as that transaction.

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by RTT Staff Writer

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