The Apollo is working with Riverstone Holdings and another partner on the deal, which is expected to be signed soon.
The company is arranging between $4.5bn and $5bn in financing for the deal, reports Bloomberg.
US-based El Paso’s production territory includes oil and natural-gas fields in the US, Brazil and Egypt.
It’s main holdings are in the Eagle Ford Shale in south Texas, the Haynesville Shale in Texas and Louisiana, and the Gulf of Mexico’s shallow waters.
