Deals - Acquisition, Mergers, Divestitures
Sitio Royalties Closes Acquisition of Permian Mineral Portfolio
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Sitio Royalties Corp. has completed the previously announced acquisition of over 12,200 net royalty acres in the Permian Basin from Momentum Minerals, a Houston-based portfolio company of funds and accounts managed or advised by affiliates of Apollo Global Management, Inc.
The Momentum Acquisition was funded by an approximately $22 million deposit paid in June of 2022, and the remaining approximately $191 million, after giving effect to purchase price adjustments, was funded utilizing a $175 million draw on Sitio's 364-day unsecured term loan, borrowings on the Company's revolving credit facility and cash on hand.
Following the Momentum Acquisition closing, Sitio had a total of $425 million drawn on its 364-day unsecured term loan.
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