Brigham Minerals up on $4.8 bln buyout by Sitio Royalties

Sitio Royalties

06/09/2022 14:10

(Updates)
    ** Shares of mineral acquisition co Brigham Minerals Inc
 MNRL.N  rise 3.7% to $30.50 premarket on buyout deal by Sitio
Royalties Corp  STR.N 
    ** STR to buy MNRL for $4.8 bln including debt to form one
of the largest public mineral and royalty U.S. cos  urn:newsml:reuters.com:*:nL4N30D2I2
    ** Deal expected to close by Q1 2023; STR shareholders to
own 54% of combined co while MNRL shareholders to own rest
    ** Equity value of $1.73 bln, or $28.57 per MNRL share, is
at a 2.8% discount to MNRL's last close and could invite calls
for a better offer
    ** STR up 4.9% at $26.46 premarket
    ** Last month, sources told Reuters MNRL is exploring
options that include a sale or a merger  urn:newsml:reuters.com:*:nL1N2ZF1W4
    ** As of last close, MNRL up ~39% 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;))