- Apollo is packaging a $9 billion minority equity stake in Oneok into tranches that can be rated investment-grade—effectively turning equity-like capital into debt-style securities investors will buy.
- The financing lets Oneok buy Brazos Midstream’s West Texas gas operations for $4.4 billion and refinance debt; pieces of the deal are sold to insurers (including Apollo’s Athene) and funds.
- The move fits a bigger trend: Apollo has completed over $100 billion of similar deals, has a $100+ billion pipeline and manages more than $1 trillion, underscoring its growing role as a corporate financier.
The news, distilled into what matters.
Get the full experience in the app — topics, comments, and audio summaries.