(Bloomberg) -- Apollo Global Management Inc. is in talks to acquire part of AMP Capital’s infrastructure equity business, according to people familiar with the matter.
A deal could be reached as early as next week and would include $5 billion to $7 billion of assets, said one of the people, who asked not to be identified because the discussions are private. Spokespeople for both firms declined to comment.
AMP Capital, which is in the process of being spun off from Sydney-based AMP Ltd., abandoned talks last year with Ares Management Corp. about a potential sale of its infrastructure and real estate management unit. In February, Ares completed a previously announced acquisition of AMP Capital’s infrastructure debt platform.
In 2019, Apollo hired AMP Capital executive Dylan Foo as a partner overseeing infrastructure. He and Geoff Strong now run that business, which managed $8.1 billion of assets at year-end. New York-based Apollo said in January that it had raised $2.54 billion for its second infrastructure fund, a vehicle that aims to make investments in sectors including communications, transportation, power and renewable energy.
Read more: Apollo Raises $2.5 Billion for Its Second Infrastructure Fund
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