According to a Reuters report that cited two unnamed sources, Apollo — which has teamed up with fellow equity firm Riverstone Holdings and coal exporter Xcoal Energy and Resources — is finalizing the details of the deal for the Moranbah and Grosvenor metallurgical complexes in Queensland’s Bowen Basin.
Anglo first said in February that it was holding discussions regarding the divestiture of the assets as part of a $3 billion to $4 billion plan to cut down its portfolio in order to reduce its debt amid the market slump. A number of potential buyers have made their way in and out of the rumor mill since then, including Glencore and BHP.
The group has not yet entered exclusive talks but could sign a deal within weeks, the anonymous sources told Reuters.
Anglo has not publicly commented on any potential deal, saying the sale process is ongoing.