New Fortress Energy Inc. has announced plans to spin-off the majority of its midstream liquefied natural gas business (LNG) into a new joint venture with Apollo Global Management Inc. as it focuses on its own Fast LNG infrastructure.

New York-based NFE disclosed its plans to sell 11 LNG assets to the new joint venture in a transaction valued at around $2 billion. The new company is 80% owned by Apollo and 20% is held by NFE. The transaction, which NFE reported could close sometime in the fall, would give the joint venture six floating storage and regasification units (FSRU), two LNG carriers and three floating storage units.

NFE disclosed it could receive an estimated $1.1 billion from the transaction. As a part of the deal, the company would also charter 10 of the 11 assets...