Apollo Global Management has strengthened its infrastructure capabilities through a plan to buy middle-market asset manager Argo Infrastructure Partners in a stock-and-cash deal.
When completed, Apollo will gain approximately $6 billion in assets from Argo, thus expanding its infrastructure platform. Additionally, over 20 professionals from Argo will join Apollo’s team.
Argo currently manages 18 portfolio companies across the US and Canada, spanning sectors including energy utilities, power generators, electric transmission and energy storage.
This acquisition positions Apollo among several leading private capital firms actively expanding their infrastructure footprints.
Similarly, Blue Owl recently added $10.5 billion in digital infrastructure assets with its acquisition of IPI Partners in October.
In the same month, KKR formed a $50 billion partnership with Energy Capital Partners to drive advancements in AI and cloud computing, specifically to meet the growing demands of data centers.
Founded in 2013, Argo has a broad investment mandate, targeting diverse infrastructure assets across North America, including digital infrastructure, renewable energy and transportation. Its portfolio company, TierPoint, a data center operator, acquired a multi-megawatt facility last year in in Fort Worth.
Legal advisors to Apollo included Paul, Weiss, Rifkind, Wharton & Garrison, while Argo was represented by Fenchurch Advisory Partners and Latham & Watkins.
Correction: A previous version of this story gave an incorrect date for a reported acquisition by TierPoint. (Jan. 14, 2025)
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