South Korea's Samsung C&T and the country's state-run oil firm have agreed to purchase U.S. oil and gas company Parallel Petroleum from private equity group Apollo Global Management LLC for $772 million, a source close to the deal told Reuters. Samsung C&T has been in talks for months with Apollo about the takeover and said the source Samsung would own 90 percent of the firm and state-run Korea National Oil Corp (KNOC) would take the remaining 10 percent.
Apollo Global Management, LLC (Apollo) is a global alternative asset manager. Shares of APO traded higher by 4.14% or $0.48/share to $12.08. In the past year, the shares have traded as low as $8.85 and as high as $19.00. On average, 259469 shares of APO exchange hands on a given day and today's volume is recorded at 135941.
