Carlyle buys Canadian firm Parallax
Global investment firm Carlyle is expanding its presence in Canada by acquiring oil and gas producer Parallax through a newly formed entity named Avenrock Energy. The transaction value is estimated at approximately C$1 billion, adding significant light oil and natural gas assets.
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CARLYLE GROUP INC is expanding its footprint in Canada by acquiring privately held oil and gas producer Parallax for an enterprise value pegged at approximately C$1 billion. The deal follows Carlyle's acquisition of Kiwetinohk Energy last year for C$1.4 billion. The transaction establishes a newly formed operating vehicle, Avenrock Energy, to scale light oil production in the region.
