Crescent Energy to Buy Vital in $3.1 Billion All-Stock Deal

U.S. shale producer Crescent Energy agreed to acquire smaller rival Vital Energy in an all-stock transaction valued at about $3.1 billion, inclusive of debt. The companies said the combination will broaden Crescent’s presence in the Permian Basin, one of the most prolific oil-producing regions in the United States. Vital shareholders will receive 1.9062 Crescent shares for each Vital share they own, equal to roughly $18.95 per share and a 20 percent premium to Vital’s last close. After the merger, Crescent investors will hold approximately 77 percent of the combined company and Vital investors the remainder. The deal is slated to close by the end of 2025, subject to customary regulatory and shareholder approvals. Crescent said the enlarged company will rank among the ten largest independent U.S. oil producers, enhancing scale and operational efficiencies. In pre-market trading following the announcement, Vital shares rose about 11 percent while Crescent slipped nearly 3 percent.