Baker Botts Represents Intrepid Partners, LLC as Financial Advisor to the Special Committee of the Board of Directors of Crescent Energy in Acquisition of Vital Energy
Release
Deal Description: Crescent Energy Company (“Crescent”) (NYSE: CRGY) and Vital Energy, Inc. (“Vital”) (NYSE: VTLE) today announced that they have entered into a definitive agreement pursuant to which Crescent will acquire Vital in an all-stock transaction valued at approximately $3.1 billion, inclusive of Vital’s net debt.
Under the terms of the agreement, Vital shareholders will receive 1.9062 shares of Crescent Class A common stock for each share of Vital common stock. Following the consummation of the transaction, Crescent shareholders will own approximately 77% of the combined company and Vital shareholders will own approximately 23% of the combined company, on a fully diluted basis.
The transaction has been unanimously approved by the boards of directors of both companies. A special committee of independent directors of Crescent (the “Special Committee”) has also unanimously approved the transaction. Current Crescent and Vital shareholders representing approximately 29% and 20% of total common shares outstanding, respectively, are party to voting and/or existing investor agreements serving to support the transaction in line with the unanimous recommendation of both Boards. The transaction, which will be subject to customary closing conditions, including approvals by shareholders of Crescent and Vital and typical regulatory agencies, is targeted to close by year-end 2025.
Baker Botts L.L.P. represented Intrepid Partners, LLC, the financial advisor to the Special Committee of the Board of Crescent.
For more information, please see the news release here.
Baker Botts Lawyers/Office Involved:
Corporate: Josh Davidson (Senior Counsel, Houston); Catherine B. Ellis (Senior Associate; Houston)
Under the terms of the agreement, Vital shareholders will receive 1.9062 shares of Crescent Class A common stock for each share of Vital common stock. Following the consummation of the transaction, Crescent shareholders will own approximately 77% of the combined company and Vital shareholders will own approximately 23% of the combined company, on a fully diluted basis.
The transaction has been unanimously approved by the boards of directors of both companies. A special committee of independent directors of Crescent (the “Special Committee”) has also unanimously approved the transaction. Current Crescent and Vital shareholders representing approximately 29% and 20% of total common shares outstanding, respectively, are party to voting and/or existing investor agreements serving to support the transaction in line with the unanimous recommendation of both Boards. The transaction, which will be subject to customary closing conditions, including approvals by shareholders of Crescent and Vital and typical regulatory agencies, is targeted to close by year-end 2025.
Baker Botts L.L.P. represented Intrepid Partners, LLC, the financial advisor to the Special Committee of the Board of Crescent.
For more information, please see the news release here.
Baker Botts Lawyers/Office Involved:
Corporate: Josh Davidson (Senior Counsel, Houston); Catherine B. Ellis (Senior Associate; Houston)
ABOUT BAKER BOTTS L.L.P.
Baker Botts is an international law firm whose lawyers practice throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit bakerbotts.com.
