Apollo stock falls on report of Brightspeed concerns

Oneok (OKE) is acquiring Brazos Midstream's Permian Midland assets for $4.4B, funded by a $9B investment from Apollo (APO). The deal will double OKE's processing capacity, reduce leverage, and is expected to be accretive to earnings and free cash flow. OKE aims to maintain 3-4% annual dividend growth, with potential for increases.

Apollo Global Management (APO) shares fell 4.4% after Brightspeed, a broadband provider backed by Apollo-managed funds, reported a 8.7% revenue decline and raised concerns about its financial stability. Apollo is exploring financing options to address debt. Separately, Apollo announced converting its $9B stake in Oneok to fund an acquisition and agreed to sell Kelvion for $3.4B. The S&P 500, Dow, and Nasdaq also declined, contributing to the sell-off.

Apollo Global Management plans to convert its $9 billion stake in Oneok Inc. into investment-grade debt for sale. The deal, announced Sunday, allows Oneok to raise capital without adding conventional debt or affecting its credit rating. Apollo aims to structure the securities so they can receive investment-grade ratings, with some placed with Athene and third-party insurers. This strategy has been used in over $100 billion of transactions, including deals with Intel and BP.

Apollo Global Management (APO) is converting its $9bn stake in Oneok (OKE) into investment-grade debt securities. The deal, involving Athene and other insurers, allows Oneok to raise capital without adding conventional debt. Proceeds will fund a $4.4bn acquisition and repay debt, avoiding leverage risks. Apollo's strategy positions it as a financier for flexible capital structures.

Enbridge Inc. partners with KKR & Co. and Apollo Global Management to invest $1.95 billion in expanding its Westcoast natural gas pipeline system. Enbridge will receive $504 million upfront and retain majority control. The expansion includes the Aspen Point and Sunrise projects, set to increase capacity to 3.9 Bcf/d by 2028, with regulatory approval and long-term contracts secured.

Apollo (NYSE: APO) announced that SLB (NYSE: SLB) will acquire Kelvion, a thermal management solutions provider, for $4.1 billion, including $3.4 billion in cash and $0.7 billion in debt. Kelvion is a leader in cooling solutions, particularly for data centers, and the deal is expected to close in early 2027. SLB aims to expand its data center infrastructure offerings with this acquisition.