Apollo Global Management, Inc. (NYSE:APO) shares are trading higher on Wednesday.

Today, the firm has announced that funds managed by its affiliates have reached an agreement to acquire a majority stake in OEG Energy Group, a provider of offshore energy solutions.

This transaction, which values OEG at over $1 billion, sees Oaktree Capital Management and other investors retain a minority equity interest.

OEG owns and operates one of the world’s largest fleets of cargo-carrying units (CCUs), with more than 75,000 units that facilitate transportation of cargo to and from offshore installations.

Additionally, OEG’s Renewables segment offers integrated technical solutions to the growing offshore wind sector.

Wilson Handler, Partner at Apollo, highlighted the significant growth opportunity for OEG, driven by demand for services that support energy production and renewable power.

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“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,” Handler said.

The deal, which is subject to regulatory approvals, is expected to close in the second quarter of 2025.

Oaktree’s Francesco Giuliani also praised the growth achieved during its ownership of OEG, signaling confidence in the company’s trajectory.

According to Benzinga Pro, APO stock has gained over 28% in the past year. Investors can gain exposure to the stock via Fidelity Disruptive Finance ETF (NASDAQ:FDFF).

Price Action: APO shares are trading higher by 3.05% to $141.64 at last check on Wednesday.

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