Samsung Unit, KNOC Scoop Up Parallel Petroleum

Law360, New York (November 30, 2011, 2:46 PM EST) -- South Korea-based Samsung C&T Corp. and Korea National Oil Corp. will buy Texas oil and gas company Parallel Petroleum LLC from a unit of private equity firm Apollo Global Management LLC in a deal reportedly worth almost $800 million, Samsung announced Wednesday.

A local subsidiary of the Samsung Group construction and investment company and KNOC reached the purchase and sale agreement for Parallel with Apollo unit PLLL Holdings LLC, according to a statement from Samsung. Once the deal is complete, Samsung will own 90 percent of...
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