Roan Resources To Become Citizen’s In $1 Billion All-Cash Deal

摘要

THE FIRST MAJOR E&P transaction of fourth-quarter 2019 was another combo,this time with pri-vate-equity-backed Citizen Energy LLC agreeing Oct.1 to purchase Roan Resources Inc.for $1 billion in cash.The deal may portend take-private offers for public companies that have largely been scorned by the public market-a trend already emerging in the midstream sector.It also follows a pattern set in the third quarter in which no single play or basin dominated transactions.Citizen’s offer for Roan’s Oklahoma assets follows deals announced in the Barnett,Bakken,Eagle Ford,Marcellus and Permian.The merger,if approved by Roan shareholders,would pay $1.52 per share of common stock,a 24% premium on its Sept.30 closing price.Most of the cash paid by Citizen,a Tulsa,Okla.-based company backed by Warburg Pincus LLC,would absorb Roan’s $780 million net debt.