Falcon Swoops Down On Desert Peak In $1.9 Billion Merger

摘要

FALCON MINERALS CORP.agreed on Jan.12 to an all-stock merger with Desert Peak Minerals,the largest independent Permian Basin pure-play mineral and royalty company,set to create a mineral and royalty company with a significant Permian and Eagle Ford footprint and an enterprise value of $1.9 billion.The transaction will mark the next chapter for Falcon,which formed in 2018 through an $800 million combination involving its predecessor-a blank-check company-and Blackstone's royalty business.It also follows a thorough evaluation over the past several months of a number of alternatives to maximize shareholder value,according to Claire Harvey,chair of the Falcon board and the transaction committee."Following our comprehensive review,we believe that a combination with Desert Peak represents the best opportunity to maximize value for Falcon's shareholders,"Harvey commented in a company release.Combined,the company will own over 139,000 net royalty acres,normalized to a l/8th royalty equivalent,over 105,000 of which are located in the Permian Basin.The company is projected to produce approximately 13,500 to 14,500 boe/d in first-half 2022 on a combined basis.