Crescent Energy To Acquire SilverBow In $2.1 Bln Deal

(RTTNews) - Crescent Energy Co. (CRGY) announced Thursday that it will acquire SilverBow Resources, Inc. (SBOW) in $2.1 billion deal.

The energy firms stated that the combined entity would become the second-largest operator in the Eagle Ford Shale.

As per the agreement, each SilverBow shareholder will exchange one share for 3.125 shares of Crescent stock, with the choice to receive cash at $38 per share, with a potential adjustment based on a maximum cash amount of $400 million.

Following the transaction, Crescent shareholders will hold between approximately 69% and 79%, while SilverBow shareholders will hold between approximately 21% and 31% of the merged entity on a fully diluted basis, depending on the final cash amount at closure.

The deal is anticipated to close by the end of the third quarter of this year.