Oil & Gas

Vitol, Carlyle to announce Varo Energy IPO this week

Oil trader Vitol Group and buyout firm Carlyle Group are set to announce plans for an initial public offering of their European refiner and service-station operator Varo Energy BV as early as Monday, according to people familiar with the matter.


Carlyle Group dives into energy industry LBOs as Apollo lies in wait

The four biggest private-equity firms have raised about $30 billion to invest in energy deals. They don’t all agree on how to spend that money. Carlyle Group LP is prepared to bet that oil prices have bottomed out and sees now as the best time to deploy its money, co-founder David Rubenstein said last week. Apollo Global Management LLC says the sell-off in oil isn’t over yet and the highest-returning deals are still on the horizon. “There will be attractive opportunities to buy now,” Rubenstein said March 23 at the SelectUSA Investment Summit in Washington. Greg Beard, who leads energy investing at Apollo, sees a different timeline: “The worst, the problems, are yet to come,” he said in an interview last month.