Brigham Minerals jumps on report of potential $4 bln tie-up with Sitio

Sitio Royalties

06/09/2022 12:13

** Shares of mineral acquisition co Brigham Minerals Inc
 MNRL.N  jump 9% premarket to near three-month high of $32.01 on
report of potential deal with Sitio Royalties Corp  STR.N 
    ** Sitio and Brigham will merge to form the largest public
mineral and royalty U.S. co, worth ~$4 bln, Wall Street Journal
reports https://www.wsj.com/articles/oil-royalty-and-mineral-companies-sitio-and-brigham-to-merge-in-4-billion-tie-up-11662460200,
 citing people familiar with the matter; deal to reportedly be
announced Tuesday
    ** Earlier this month, sources told Reuters MNRL is
exploring options that include a sale or a merger; shares have
risen more than 15% since then  urn:newsml:reuters.com:*:nL1N2ZF1W4
    ** MNRL shares have surged this year as it benefited from
elevated energy prices, prompting founder and Chief Executive
Bud Brigham to consider a sale, sources had said
    ** STR down ~2% at $24.75 on Tues
    ** As of last close, MNRL up ~40% YTD vs STR up ~30%; MNRL
has a mkt cap of $1.78 bln, per Refinitiv data

 (Reporting by Anisha Sircar in Bengaluru)
 ((Anisha.Sircar@thomsonreuters.com;))