OEG Energy Group Acquired by Apollo for Over $1 Billion

Apollo Global Management has announced that funds managed by its affiliates will acquire a majority stake in OEG Energy Group from Oaktree Capital Management and other investors. The deal values OEG, a prominent player in the offshore energy sector, at over $1 billion. OEG provides a range of services and equipment essential for offshore energy installations across oil, gas, and wind markets. A robust performer in the offshore sector for over five decades, OEG's integrated services are critical for energy development and operations. Apollo is keen to leverage its scale and expertise to intensify OEG’s growth potential, especially with rising demand driven by the energy transition. The acquisition seeks to benefit from secular trends in efficient energy production and renewables. Oaktree will retain a minority interest in OEG, continuing its confidence in the company’s future. The completion of the transaction is expected in the second quarter of 2025, following regulatory approvals. Key advisors in the deal include Banco Santander and Vinson & Elkins for Apollo, and Goldman Sachs International, Gibson Dunn & Crutcher, and Latham & Watkins for Oaktree. The acquisition aligns with Apollo’s broader climate and energy transition investment strategy, which aims to mobilize $100 billion by 2030.