Apollo announced a definitive agreement under which Apollo-managed affiliates, funds and other long-term investors will invest $600M to acquire a 50% interest in a joint venture entity related to the Vale Oman Distribution Center, or VODC, from Vale. VODC operates a maritime terminal in Sohar, Oman, with a large deep-water jetty and an integrated iron ore blending and distribution center with a nominal capacity of 40 Mtpy. Vale will continue to own 100% of Vale Oman Pelletizing Company. The transaction is expected to close in the second half of 2024 and is subject to customary regulatory approvals.
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