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Apollo Global and Blackstone Group target CAD1bn sale of Ridgeback Resources

Private equity firm Apollo Global Management and the credit arm of Blackstone Group are looking to sell Canada-based oil and gas producer Ridgeback Resources for CAD1 billion, according to a report by Reuters.

The two private equity investors have reportedly appointed two unnamed investment banks to mange the sale which comes in the middle of a global surge in oil price following Russia’s invasion of neighbouring Ukraine.

The report cites unnamed sources as saying that no deal is guaranteed and that Ridgeback’s assets could be divested via a series of transactions rather than one sale.

Ridgeback holds assets that cover a total area of more than 535,000 net acres in the Alberta, Saskatchewan, and British Columbia provinces.

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