Brief: Sitio Royalties And Brigham Minerals to combine in $4.8 Billion all-stock deal

Sitio Royalties

06/09/2022 13:23

Sept 6 (Reuters) - Brigham Minerals Inc  MNRL.N :
    * SITIO ROYALTIES AND BRIGHAM MINERALS TO COMBINE IN $4.8
BILLION
ALL-STOCK, AT-MARKET MERGER, FORMING A PREMIER CONSOLIDATOR OF
OIL AND GAS MINERAL AND ROYALTY INTERESTS
    * SITIO ROYALTIES CORP - TRANSACTION EXPECTED TO GENERATE
APPROXIMATELY $15 MILLION OF ANNUAL OPERATIONAL CASH COST
SYNERGIES
    * SITIO ROYALTIES CORP - AT-MARKET MERGER RESULTS IN SITIO
AND
BRIGHAM SHAREHOLDERS RECEIVING APPROXIMATELY 54% AND 46% OF
COMBINED COMPANY, RESPECTIVELY
    * SITIO ROYALTIES CORP - CURRENT SITIO MANAGEMENT TEAM TO
RUN
COMBINED COMPANY, WHICH WILL RETAIN SITIO ROYALTIES CORP.
COMPANY NAME
    * SITIO ROYALTIES CORP - BRIGHAM SHAREHOLDERS WILL RECEIVE A
FIXED
EXCHANGE RATIO OF 1.133 SHARES OF COMMON STOCK IN COMBINED
COMPANY
    * SITIO ROYALTIES CORP - BRIGHAM'S AND SITIO'S CLASS A
SHAREHOLDERS WILL RECEIVE SHARES OF CLASS A COMMON STOCK IN
COMBINED COMPANY
    * SITIO ROYALTIES CORP - BRIGHAM'S CLASS B AND SITIO'S CLASS
C
SHAREHOLDERS WILL RECEIVE SHARES OF CLASS C COMMON STOCK IN
COMBINED COMPANY AS MERGER CONSIDERATION
    * SITIO ROYALTIES CORP - FUNDS MANAGED BY KIMMERIDGE,
BLACKSTONE
AND OAKTREE, HAVE ENTERED INTO SUPPORT AGREEMENTS
    * SITIO ROYALTIES CORP - SITIO INTENDS TO CONTINUE PAYING
ITS
QUARTERLY CASH DIVIDEND
    * SITIO ROYALTIES CORP - BRIGHAM INTENDS TO PAY BOTH ITS
FIXED AND
VARIABLE QUARTERLY DIVIDEND THROUGH CLOSING OF TRANSACTION.

Source text for Eikon:  ID:nBw7fb1SCa 
Further company coverage:  MNRL.N 

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