M&A · Energy · Crude Petroleum & Natural Gas
Fury Resources, Inc. to acquire Battalion Oil Corp
Announced Dec 15, 2023 · Terminated Dec 20, 2024
Deal value$450MEV $450M
Premium32.6%To unaffected price
EV / Adj. EBITDA—1.8x EV / Revenue
ConsiderationAll cash$9.80 per share
Transaction
- Acquirer
- Fury Resources, Inc.
- Target
- Battalion Oil Corp (BATL)
- Buyer type
- Strategic
- Offer price per share
- $9.80
- Enterprise value
- $450M
- Status
- Terminated Dec 20, 2024
Deal protections
- Break fee (target pays)
- $8.0M · 1.8%
- Reverse fee (buyer pays)
- $10.0M · 2.2%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Jefferies
- To the target
- Houlihan Lokey
Sector context · Energy
- Comparable deals
- 33 in the prior 24 months
- Premium
- 32.6% vs. 22.0% sector median
- EV / Adj. EBITDA
- Sector median 9.1x
- Break fee
- 1.8% vs. 2.8% sector median
Timeline
- AnnouncedDec 15, 2023
- Proxy filedJan 12, 2024
- Definitive proxyOct 21, 2024
- Shareholder voteNov 21, 2024
- TerminatedDec 20, 2024