Apollo completes acquisition of Parallel Petroleum

AP News
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Posted: Nov 25, 2009 3:32 PM

Asset manager Apollo Global Management LLC on Wednesday completed its acquisition of Parallel Petroleum Corp., according to the oil and natural gas producer.

In September, Parallel agreed to be acquired by Apollo in a deal valued at about $483 million, which includes $351 million of debt.

Parallel said its common stock will cease trading on the NASDAQ Global Select Market at market close on Wednesday and will no longer be listed.