Apollo commits €3.2 billion of equity to newly established JV with RWE

* Apollo (NYSE:APO [https://seekingalpha.com/symbol/APO]) on Monday announced [https://seekingalpha.com/pr/20223526-apollo-commits-3_2-billion-to-rwe-joint-venture-supporting-the-german-transmission-grid] that Apollo-managed funds and affiliates have agreed to commit €3.2 billion of equity to a newly established joint venture with RWE, Germany’s largest power producer.
* The JV will be operationally controlled by RWE; hold and fund RWE’s 25.1% stake in Amprion. The JV will provide the required equity capital for its 25.1% stake to support Amprion’s major investment program for grid expansion over the next decade.
* The JV is supported by reliable and stable dividend returns from Amprion’s regulated asset base, the company said.
* The transaction is subject to regulatory approvals and customary closing conditions.

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