Apollo Global Management and the credit arm of Blackstone are looking to sell Calgary-based oil and gas company Ridgeback Resources for more than C$1 billion ($766 million), sources told Reuters.
Two investment banks have been hired to manage the sale.
Apollo and Blackstone formed Ridgeback in 2016 to buy bankrupt Canadian oil producer Lightstream Resources in a C$1.35 billion deal. The two US private equity firms were among the largest bondholders of Lightstream.
Read the Reuters story here.
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