Korea National joins consortium to buy EP Energy for $7.15bn

South Korean state-run Korea National Oil Corporation (KNOC) has joined a consortium led by Apollo Global Management to buy exploration-and-production business, EP Energy from Kinder Morgan for $7.15bn.

KNOC expects the buyout will help South Korea meet the rising energy demands.

Other investors are energy focused private-equity firm Riverstone Holdings and Len Blavatnik’s Access Industries.

KNOC is expected to reveal the stake each partner holds and the investments in the new business affliate at the end of June this year.

EP Energy’s assets are spread throughout the US including fields in Egypt and the deep waters off Brazil.

Last year, El Paso made plans to spin off EP Energy as a separate public company from its pipeline business, but before the plans could materialise, El Paso agreed to be acquired by Kinder Morgan for $21.1bn in October.