UPDATE: 12/2/2011, 12.01 p.m. This article has been condensed from the original version.
Private equity firm Apollo Global Management agreed Wednesday to sell a Texas oil and gas company to a division of Samsung and state-run Korea National Oil Corp. (KNOC) for $772 million, Reuters reports. Once the deal is complete, Samsung will own about 90 percent of Parallel Petroleum and KNOC will own the balance, according to The Wall Street Journal.
Akin Gump Strauss Hauer & Feld, took the lead representing the New York-based buyout firm on one of the largest foreign energy takeovers by a South Korean company this year. Energy transactions partners Mark Zvonkovic and Elisabeth Cappuyns in New York are leading an Akin Gump team advising Apollo. Apollo’s chief legal officer is John Suydam.
Samsung C&T, a Seoul-based construction, engineering, and trading unit of Korean conglomerate Samsung, turned to a Dallas-based team of lawyers from Thompson & Knight led by international energy practice group leader Andrew Derman for outside counsel on the transaction.
Other Thompson & Knight attorneys working on the deal include corporate energy partners Debra Villarreal, John Cohn, and Amy Curtis, labor and employment partner Bryan Neal, and employee benefits partner Shelly Youree. The firm has handled other oil and gas acquisitions for Samsung in the past.
KNOC’s general counsel Jin Kim did not immediately respond to a request for information on the oil giant’s outside legal advisers. Anyang-based KNOC, the national oil and gas company of South Korea, has previously tapped Linklaters, Vinson & Elkins, and Canada’s Bennett Jones (soon to merge with Norton Rose) for outside legal work. A Vinson spokeswoman said the firm is not advising KNOC in the Parallel deal.