SM Energy falls on $12.8 billion Civitas merger

SM Energy

03/11/2025 15:05

Updates

** Shares of U.S.-based oil and gas company SM Energy SM.N down 7.8%, hitting its lowest level since September 2021

** SM says it will merge with peer CIVI in an all-stock deal, valuing the combined company at $12.8 billion, including debt

** Civitas shareholders will receive 1.45 shares of SM for each CIVI share, giving them about 52% ownership of the combined company

** This values Civitas at about $30.29 per share, a 5% premium to its closing price on October 31, and gives the deal an equity value of roughly $2.81 billion, according to Reuters calculations

** Separately, SM also beat Q3 profit estimates with an adjusted profit of $1.33 per share vs. estimates of $1.29 per share - data compiled by LSEG

** Including session's moves, SM down 50.3% YTD

 (Reporting by Sumit Saha in Bengaluru)

 ((Sumit.Saha@thomsonreuters.com;))