(Bloomberg) -- Blackstone Inc. is exploring a sale of Olympus Energy, a natural gas explorer in the Appalachian region that could be valued at up to $2 billion, according to people familiar with the matter.
The alternative asset manager is working with financial advisers to seek a buyer for the Canonsburg, Pennsylvania-based business, said the people, who asked to not be identified because the details aren’t public. No final decision has been made and Blackstone could opt to hold onto the company, the people added.
A representative for Blackstone declined to comment. A representative for Olympus didn’t immediately respond to a request for comment.
Olympus is one of Blackstone’s oldest energy investments, having formed the company in 2012, when it was known as Huntley & Huntley Energy Exploration, according to its website. The company, which re-branded in 2019, drills on 100,000 net acres in southwestern Pennsylvania, according to its website.
It comes to market amid a somewhat tepid dealmaking market for gas-oriented energy explorers, though industry watchers have long-forecast consolidation among players in the Appalachian region where Olympus operates.
Chesapeake Energy Corp. agreed to merge in early 2024 for Southwestern Energy Co. in a deal worth $7.4 billion, creating the largest natural gas producer in the US. That company is know known as Expand Energy Corp.
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