Apollo Global Management is acquiring North American middle-market infrastructure firm Argo Infrastructure Partners with a combination of stock and cash, a joint news release said.
Other terms of the deal are not being disclosed.
When the deal closes, which is expected in the second quarter, Apollo will add $6 billion in assets under management and 20 professionals to its infrastructure business. Apollo does not report infrastructure AUM.
“We are excited to announce this agreement with Argo, which will add capabilities that are highly complementary to our existing value-add investment strategy,” said Harry Seekings and Olivia Wassenaar, partners and co-heads of infrastructure at Apollo.
Argo's portfolio will be added to Apollo’s sustainability and infrastructure strategies, which have invested a total of $40 billion in the past five years.
Apollo had $733 billion in total AUM as of Sept. 30. Apollo executives declined to comment.