Berry Corp gains on $717 million buyout deal with California Resources

California Resources

15/09/2025 14:53

** Shares of U.S. energy oil producer Berry Corp BRY.O rise ~16% to $3.82

** California Resources CRC.N said it will buy BRY in an all-stock deal, valuing the target at about $717 million, including debt

** Shares of CRC up 1.5% at $53.77

** BRY shareholders will receive 0.0718 CRC shares for each share owned, which represents a 15% premium to Friday’s close

** The exchange ratio values Berry at $3.806 per share, giving the deal an equity value of about $295 million, according to Reuters calculations

** As of June 30, Berry's long-term debt stood at $364.6 million

** CRC shareholders will own about 94% of the combined company, following completion of the deal, expected in the first quarter of 2026

** Including session's move, BRY down 7.1% YTD and CRC up 3.7% YTD

 (Reporting by Pranav Mathur in Bengaluru)

 ((Pranav.Mathur@thomsonreuters.com;))