South Korea's Samsung C&T and state-run oil firm KNOC are buying U.S. oil and gas company Parallel Petroleum from private equity firm Apollo, in a deal that enables the Samsung Group to expand its natural resources business.Samsung C&T confirmed the deal on Wednesday, though it would not disclose the price. A source close to the deal told Reuters that Samsung C&T and KNOC agreed to pay $772 million to Apollo Global Management LLC, the massive New York-based private equity firm founded in 1990 by former Drexel Burnham Lambert banker Leon Black.The acquisition is the biggest deal ever by an affiliate of Samsung Group, South Korea's top conglomerate. The group has traditionally sealed smaller, bolt-on buys.The construction and trading unit of Samsung Group, which also includes Samsung Electronics, has been in talks for months with Apollo about the takeover.
Apollo Global Management, LLC (Apollo) is a global alternative asset manager. Shares of APO remained unchanged at $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 0.
