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Copper Tip Energy
Vista Projects


Crescent Energy to Buy SilverBow Resources in $2.1 Billion Deal


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(Reuters) – Crescent Energy  will buy SilverBow Resources  in a $2.1 billion deal, the companies said on Thursday, amid a consolidation wave in the U.S. oil and gas industry.

SilverBow and Crescent Energy both operate in the Eagle Ford shale in Texas.

The announcement comes amid SilverBow’s tussle with its largest shareholder Kimmeridge Energy Management, which is vying for seats on SilverBow’s board after a failure to acquire the company.

SilverBow shareholders would get 3.125 shares of Crescent Class A common stock for each share of SilverBow, along with an option to get all or a portion of the proceeds in cash at a value of $38 per share.

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The maximum cash consideration for the deal is $400 million, the companies said.

After the deal’s closing, which is expected in the third quarter, Crescent’s board of directors will increase to 11 members with the addition of two directors to be designated by SilverBow.

SilverBow has a market capitalization of about $826 million, as of last close. Its shares, which have gained about 11% this year, were up 13% in premarket trading. Shares of Crescent fell 1.4%.

Bloomberg News first reported about the deal earlier on Thursday.

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