Carlyle backs Avenrock’s CAD1bn Parallax acquisition
TOP STORY: Carlyle is backing the acquisition of Canadian oil and gas producer Parallax Energy Operating by newly established Avenrock Energy, in the private equity firm's latest move to expand its presence in the country's energy sector, according to a report by Bloomberg.
Carlyle, a private equity firm, is supporting the acquisition of Parallax Energy Operating by Avenrock Energy in Canada's energy sector, according to Bloomberg. The transaction, valued at around CAD1 billion ($719 million), cements Carlyle's commitment to expanding its presence in the Canadian energy market. Carlyle's support for Avenrock's CAD1bn acquisition of Calgary-based Parallax underscores its faith in Western Canada's future in energy, citing abundant resources, improved export market access, and ongoing sector investments.
Avenrock, headquartered in Calgary, is set to produce approximately 20,000 barrels of oil equivalent daily once the deal is finalized. Parallax's assets focus on Alberta's East Shale Duvernay, producing light oil and natural gas liquids, currently owned by Houston-based Carnelian Energy Capital Management. Carlyle has appointed BMO Capital Markets as financial adviser and Torys as legal adviser for the Parallax transaction.
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