Apollo Acquires 40% Stake in Pembina Gas Infrastructure from KKR
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 23 2026
0mins
Apollo (APO) announced that Apollo-managed funds have agreed to acquire a 40% stake in Pembina Gas Infrastructure from funds managed by KKR (KKR). Pembina Pipeline (PBA), which operates and manages PGI's facilities, will maintain its 60% stake in the company and the existing governance structure will remain unchanged upon closing. Since its formation as a joint venture between Pembina and KKR in 2022, PGI has grown into one of the largest independent gas processing platforms in Western Canada, with a combined processing capacity of approximately five billion cubic feet per day. PGI currently operates 23 gas processing plants, approximately 3,900 kilometers of gathering pipelines and approximately 330,000 barrels per day of NGL extraction capacity. With connectivity to major gas transmission networks in the region, the company is strategically positioned to serve its blue-chip customer base throughout the Montney and Duvernay trends, from central Alberta to northeast British Columbia. The transaction is expected to close by the end of the second quarter of 2026, subject to satisfaction of customary closing conditions.
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Analyst Views on APO
Wall Street analysts forecast APO stock price to rise
11 Analyst Rating
10 Buy
1 Hold
0 Sell
Strong Buy
Current: 129.530
Low
136.00
Averages
164.45
High
182.00
Current: 129.530
Low
136.00
Averages
164.45
High
182.00
About APO
Apollo Global Management, Inc. is a global alternative asset manager and a retirement services provider. It operates through three segments: Asset Management, Retirement Services and Principal Investing. The Asset Management segment focuses on three investing strategies: yield, hybrid, and equity. These strategies reflect the range of investment capabilities across its platform based on relative risk and return. The Retirement Services business is conducted by Athene Holding Ltd (Athene), a financial services company that specializes in issuing, reinsuring, and acquiring retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs. Athene product lines include annuities and funding agreements. The Principal Investing segment includes realized performance fee income, realized investment income from its balance sheet investments, and certain allocable expenses related to corporate functions supporting the entire company.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Market Presence: Prosol operates nearly 450 stores in France under major banners such as Grand Frais and fresh, leveraging a vertically integrated supply chain to ensure product freshness and quality, thereby attracting a highly loyal and rapidly growing customer base.
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See More
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See More
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- Optimistic Growth Outlook: Management reaffirmed a growth target of over 20% in fee-related earnings and 10% in net earnings for 2026, showcasing confidence in future market conditions, particularly against the backdrop of high-quality $71 billion origination activity.
- Increased Transparency: CEO Rowan announced a commitment to 100% daily pricing in credit business by 9:30, aimed at boosting investor trust and enhancing market competitiveness in response to growing demands for transparency.
- Macro Risk Mitigation: Management emphasized a defensive strategy in light of geopolitical and inflationary uncertainties, indicating a cautious approach to protect capital while maintaining a stable growth trajectory amidst potential market volatility.
See More
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- Market Risk Assessment: Apollo Global Management CEO Marc Rowan estimates a 30% to 35% chance of an exogenous economic shock, indicating heightened vigilance towards market instability compared to typical risk levels.
- Mitigation Measures: The firm has implemented strategies to prepare for a potential downturn, including upgrading the credit quality of fixed-income investments, reducing exposure to sectors like software, and stockpiling cash in its insurance division to safeguard capital during market fluctuations.
- Industry Critique: Rowan criticized other insurers for practices that artificially strengthen balance sheets, emphasizing that not all companies in the industry adhere to proper operational standards, which could lead to systemic contagion risks.
- Investment Strategy: Apollo focuses on capital protection in its investment approach, ensuring resilience during market corrections, reflecting the company's expectations and preparedness for future economic cycles.
See More
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- Market Risk Warning: Apollo CEO Marc Rowan highlighted that despite a seemingly strong economy, the odds of an exogenous shock are between 30% and 35%, driven by geopolitical shifts, inflationary pressures, and AI disruptions, which could destabilize markets.
- Credit Quality Improvement: Apollo has upgraded the credit quality of its fixed income investments, reduced exposure to riskier sectors like software, and stockpiled approximately $40 billion in cash within its insurance business to prepare for potential market corrections, ensuring capital protection and readiness for future volatility.
- Insurance Industry Concerns: Rowan expressed concerns over 'egregious' practices at some insurers, warning of potential contagion within the sector if market conditions deteriorate, which could increase the risk of regulatory or central bank intervention to protect insurance and retirement customers.
- Economic Structural Changes: Rowan predicted that AI will lead to significant socioeconomic upheaval, with nearly every job being enhanced or replaced, resulting in a rise of blue-collar jobs and stress on white-collar roles, which could have profound implications for future economic growth.
See More
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- Market Risk Warning: Apollo Global Management CEO Marc Rowan cautioned that despite the firm achieving $1 trillion in assets under management and record fee-related earnings in the latest quarter, he is increasingly concerned about potential market downturns, estimating the likelihood of external shocks at 30% to 35%, significantly higher than usual levels.
- Economic Environment Analysis: Rowan noted that while the current economic backdrop appears strong, various uncertainties exist, including a total geopolitical reset and policies that could prove inflationary, which may destabilize markets and impact both corporate and consumer financial health.
- Investment Strategy Adjustment: In preparation for potential market volatility, Apollo has upgraded the credit quality of its fixed income investments, reduced exposure to riskier sectors like software, and stockpiled approximately $40 billion in cash within its insurance business to safeguard capital during market corrections.
- Call for Industry Transparency: Rowan expressed concerns over some insurers'
See More
