Private Equity | Deals - Acquisition, Mergers, Divestitures | Capital Markets
Civitas Wraps Up $300MM Acquisition of Bison Oil and Gas II
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Civitas Resources Inc. has closed its previously announced acquisition of privately held DJ Basin operator Bison Oil & Gas II LLC.
Consideration for the Bison acquisition was modified to reflect an all-cash transaction (no Civitas shares issued), with a total cash outlay by the Company of approximately $300 million, which was funded with cash on hand.
Transaction Highlights
- Strengthens Civitas' portfolio by adding 102 gross high-quality rural locations, of which 38 are already fully permitted
- Attractive valuation with total consideration at a discount to PDP PV-12 and below 1.6x 2022E EBITDA(1)
- Enhances Civitas margins with pro forma 2022E production increase of approximately 9,000 Boed composed of 75% oil and 90% liquids, without incremental G&A expense
- Accretive to Civitas' Net Asset Value, 2022E production, EBITDA and Free Cash Flow
- Preserves Civitas' fortress balance sheet, with pro forma net leverage of 0.2x
- Civitas will integrate the Bison properties under its net zero policy, further reducing basin emissions
Ben Dell, Civitas' Chairman and interim CEO, commented: "Civitas continues to demonstrate its commitment to delivering unprecedented value to all of its stakeholders. We firmly believe that the Company is well positioned to continue successfully executing its business plan, with a clear objective of identifying and executing on the highest value-accretive consolidation opportunities."
Petrie Partners, LLC and RBC Capital Markets, LLC served as financial advisors and Kirkland & Ellis LLP served as legal advisor to Civitas. CIBC Capital Markets served as financial advisor and Bracewell LLP served as legal advisor to Bison.
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