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- SilverBow Resources Stockholders Approve $2.1 Billion Acquisition by Crescent Energy
SilverBow Resources Stockholders Approve $2.1 Billion Acquisition by Crescent Energy
Slice of Energy Team
August 01, 2024
Key Highlights:
Transaction valued at $2.1 billion.
99% of SilverBow stockholders approved the acquisition.
Closing expected on July 30, 2024.
Formation of a premier Eagle Ford oil and gas organization.
Source (Business Wire)
Notable Quote:
“We appreciate the overwhelming support of our stockholders for this exciting transaction with Crescent, which delivers an attractive premium to our stockholders and will create a premier Eagle Ford oil and gas organization. We look forward to closing the transaction and forming a scaled company with a balanced and resilient asset portfolio, substantial free cash flow generation, an attractive, returns-driven financial framework and strong balance sheet.”
Our Take:
The approval of SilverBow Resources' acquisition by Crescent Energy is a significant milestone in the energy sector, particularly within the Eagle Ford Shale region. This transaction not only underscores the strategic value of combining resources and expertise but also highlights the confidence that stockholders have in the potential synergies and enhanced financial performance of the merged entity. The overwhelming support from both SilverBow and Crescent stockholders sets a positive tone for the future operations and growth of the new organization. This merger is poised to create a stronger, more resilient player in the oil and gas industry, capable of generating substantial free cash flow and delivering consistent returns.