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
- AnnouncedAug 25, 2025
- Proxy filedNov 12, 2025
- Definitive proxyNov 12, 2025
- Shareholder voteDec 12, 2025
- 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%.