Samsung C&T confirms talks with Apollo over Parallel Petroleum
Samsung C&T Corp. confirmed Thursday that it is in talks to buy US oil company Parallel Petroleum from Apollo Global Management. In a statement to the South Korean Stock Exchange, Samsung C&T noted that the parties have yet to reach a definitive agreement.
The trading company spoke out in response to continued reports that it is considering a move for Parallel. According to local media, the deal could be worth about KRW1 trillion ($919.6 million). Apollo bought Parallel for about $483 million in 2009.
Last month Samsung C&T said it was actively pursuing oil, natural gas and other mineral resource deals across the globe and had hired JPMorgan to assist it in this capacity.
Texas-based Parallel develops and invests in "long-lived" oil and natural gas fields in West Texas and New Mexico, including a shale gas project near Forth Worth. Samsung C&T's interest is indicative of a market in which companies are keen to make acquisitions but are being forced to move into new sectors and regions due to the paucity of available top-tier assets.
Apollo had $71.7 billion in assets under management at the end of June, with $40.4 billion in private equity funds, $23.7 billion in capital markets funds and $7.6 billion in real state. It had a further $9.9 billion in uncalled private equity commitments.
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