Apollo Global to acquire 40% stake in Pembina Gas Infrastructure

Apollo (APO) announced that Apollo-managed funds have agreed to acquire a 40% stake in Pembina Gas Infrastructure from funds managed by KKR (KKR). Pembina Pipeline (PBA), which operates and manages PGI’s facilities, will maintain its 60% stake in the company and the existing governance structure will remain unchanged upon closing. Since its formation as a joint venture between Pembina and KKR in 2022, PGI has grown into one of the largest independent gas processing platforms in Western Canada, with a combined processing capacity of approximately five billion cubic feet per day. PGI currently operates 23 gas processing plants, approximately 3,900 kilometers of gathering pipelines and approximately 330,000 barrels per day of NGL extraction capacity. With connectivity to major gas transmission networks in the region, the company is strategically positioned to serve its blue-chip customer base throughout the Montney and Duvernay trends, from central Alberta to northeast British Columbia. The transaction is expected to close by the end of the second quarter of 2026, subject to satisfaction of customary closing conditions.