KDB investment unit takes stake in US gas company
A private equity investment fund owned by Korea Development Bank (KDB) has paid $200 million for the gas business of US-based Apache Corp., an oil and gas specialist.
Government-backed KDB's fund teamed up with South Korea's top oil refiner, SK Energy, to acquire the firm, KDB said in a statement. The parties used $65 million of financing from BNP Paribas and Union Bank to facilitate the deal.
Apache Corp. is said to have sold its asset in order to fund projects in the North Sea and the Gulf of Mexico. KDB's new gas assets include 37 million barrels of an element that is 97%-comprised of natural gas.
The deal is the latest Korean-US natural resources tie up in a month. In early December, news surfaced that New York-based Apollo Global Management sold its US oil and gas company Parallel Petroleum to two South Korean trade buyers, Samsung C&T and state-run oil firm Korea National Oil Corp (KNOC), for $780 million. The private equity firm had reportedly been in talks with the South Korean parties for months prior to agreeing the sale. Previous media reports suggested the deal could reach $919.6 million.
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