Apollo Investment Management has agreed to acquire Parallel Petroleum (NASDAQ: PLLL) for $3.15 per share, or approximately $132 million. The deal represents a 56% premium to Parallel's average closing share price over the past 30 trading days. Apollo also agreed to assume $351 million of the company's debt and to provide $283.2 million of equity to complete the transaction. Parallel is an independent oil and gas exploration and production company.
Texas has been a hotbed of energy investing with 210 companies receiving private equity investment since the beginning of 2006, according to the PitchBook Platform. Energy exploration companies, such as Celero Energy and Common Resources, were the most popular with 99 investments, followed by energy production companies with 39 investments. Kayne Anderson Capital Advisors has been the most active in the state with 15 investments, followed by Encap Investments, Quantum Energy Partners, and Riverstone Holdings.