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BP Apache Close to Asset Sale Deal

Thursday, 15 Jul 2010 | 12:35 PM ET

BP and Apache are closing in on a deal under which BP will sell ownership stakes in key oil and gas properties for roughly $10 billion, according to bankers close to the deal.

The hope had been that a deal could be announced as soon as this Monday, but given the need to give certain partners of BP in these properties their right of first refusal, it is proving somewhat complex.

Apache's financing for the deal is also a key. Bankers tell me the company is seeking a bridge loan between $6 and $7 billion for the purchase.

Still, the companies are hopeful of announcing a transaction early next week. Apache didn't return calls and BP declined comment.

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