M&A · Energy · Crude Petroleum & Natural Gas
SM Energy Co to acquire Civitas Resources, Inc.
Announced Nov 3, 2025 · Closed Jan 30, 2026
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- SM Energy Co (SM)
- Target
- Civitas Resources, Inc. (CIVI)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Jan 30, 2026
Deal protections
- Break fee (target pays)
- $85.0M
- Reverse fee (buyer pays)
- $79.0M
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Evercore
- To the target
- JPMorgan
- Evercore fee
- $20.0M
Sector context · Energy
- Comparable deals
- 39 in the prior 24 months
- Premium
- Sector median 18.9%
- EV / Adj. EBITDA
- Sector median 8.5x
- Break fee
- Sector median 3.0%
Timeline
- AnnouncedNov 3, 2025
- Proxy filedDec 22, 2025
- Definitive proxyDec 22, 2025
- Shareholder voteJan 27, 2026
- ClosedJan 30, 2026
Valuation · fairness opinions
Other analysis$15.47$22.63
Other analysis$23.22$33.09
Discounted cash flow$9.90$27.68
Discounted cash flow$7.99$18.44
Discounted cash flow$19.00$48.29
Implied value per Civitas Resources, Inc. share by analysis, from Evercore · DCF discount rate 8%–30%.