Apollo Global Management Inc. is acquiring a majority stake in OEG Energy Group from Oaktree Capital Management LP, the asset manager announced March 19.

Oaktree will continue to hold a minority equity interest in OEG, an offshore energy services provider.

OEG owns and operates one of the largest fleets of cargo carrying units in the world. Its fleet of more than 75,000 units transports cargo to and from offshore energy installations, including oil and gas and wind infrastructure.

The transaction implies a headline valuation of more than $1 billion for OEG and is expected to close in the second quarter of 2025, subject to customary closing conditions.

“We see a tremendous opportunity to invest in the Company’s future growth as secular tailwinds drive demand for services enabling efficient energy production and renewable power,” said Apollo Partner Wilson Handler. “Bringing to bear the scale of Apollo’s integrated platform and deep expertise in energy services, we look forward to working with the talented team at OEG to unlock value for its various stakeholders and loyal customer base via organic and inorganic channels.”

Banco Santander SA acted as financial adviser and Vinson & Elkins LLP served as legal counsel to the Apollo funds on the transaction.

Goldman Sachs International acted as financial adviser to Oaktree, while Gibson, Dunn & Crutcher LLP (corporate) and Latham & Watkins (financing & antitrust) served as legal advisers.

White & Case LLP served as legal counsel to OEG management.

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