Deal Flow
Letter · prints on one page
Transaction tear sheetData as of Nov 7, 2026
M&A · Energy · Crude Petroleum & Natural Gas

Crescent Energy Co to acquire Vital Energy, Inc.

Announced Aug 25, 2025 · Closed Dec 15, 2025

Deal value$3.10BEV $3.10B
Premium—To unaffected price
EV / Adj. EBITDA—1.6x EV / Revenue
ConsiderationAll stock$18.95 per share

Transaction

Acquirer
Crescent Energy Co (CRGY)
Target
Vital Energy, Inc. (VTLE)
Buyer type
Strategic
Offer price per share
$18.95
Enterprise value
$3.10B
Status
Closed Dec 15, 2025

Deal protections

Break fee (target pays)
$22.5M · 0.7%
Reverse fee (buyer pays)
$76.9M · 2.5%
Go-shop
No-shop
Financing
—

Advisors

To the acquirer
Jefferies, Evercore, Intrepid Partners
To the target
Houlihan Lokey, JPMorgan
Jefferies fee
$17.5M
Houlihan Lokey fee
$25.0M

Sector context · Energy

Comparable deals
39 in the prior 24 months
Premium
Sector median 19.4%
EV / Adj. EBITDA
Sector median 8.5x
Break fee
0.7% vs. 3.0% sector median

Timeline

  1. AnnouncedAug 25, 2025
  2. Proxy filedNov 12, 2025
  3. Definitive proxyNov 12, 2025
  4. Shareholder voteDec 12, 2025
  5. ClosedDec 15, 2025

Valuation · fairness opinions

Discounted cash flowJefferies$26.30$41.09
Discounted cash flowJefferies$34.63$39.64
Discounted cash flowJefferies$15.65$29.83
Future share priceIntrepid Partners$11.79$16.86
Future share priceIntrepid Partners$7.07$11.86
Trading comparablesIntrepid Partners$26.16$34.58
Trading comparablesIntrepid Partners$22.70$30.05
Trading comparablesIntrepid Partners$22.43$36.96
Offer $18.95

Implied value per Vital Energy, Inc. share by analysis, from Jefferies and Intrepid Partners · DCF discount rate 7.9%–8.9%.

Sources
  • 8-K (EX-99.1) · Aug 25, 2025
  • 425 · Aug 25, 2025
  • 425 · Aug 25, 2025
  • 425 · Aug 25, 2025
  • 8-K · Aug 25, 2025
  • 425 · Aug 25, 2025

Adj. EBITDA is operating income + D&A + impairment, restructuring, deal costs and stock compensation, less any large gain on a sale, last twelve months, from the target's filings. Calculated by Castle, so it can differ from a bank's adjusted figure.

Prepared with Castle from public SEC EDGAR filings. Figures are extracted automatically; verify against the source documents. Not investment advice.