M&A · Energy · Crude Petroleum & Natural Gas
Desert Peak Minerals to acquire Falcon Minerals Corp
Announced Jan 12, 2022 · Closed Jun 10, 2022
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- Desert Peak Minerals
- Target
- Falcon Minerals Corp
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Jun 10, 2022
Deal protections
- Break fee (target pays)
- $13.9M
- Reverse fee (buyer pays)
- $13.9M
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Barclays, Houlihan Lokey
- Credit Suisse fee
- $9.0M
Sector context · Energy
- Comparable deals
- 25 in the prior 24 months
- Premium
- Sector median 20.6%
- EV / Adj. EBITDA
- Sector median 13.3x
- Break fee
- Sector median 2.6%
Timeline
- AnnouncedJan 12, 2022
- Proxy filedFeb 9, 2022
- Definitive proxyMay 5, 2022
- Shareholder voteJun 3, 2022
- ClosedJun 10, 2022
Valuation · fairness opinions
Trading comparablesCredit Suisse$25.47$30.19
Trading comparablesCredit Suisse$23.89$27.44
Discounted cash flowCredit Suisse$29.12$37.05
Discounted cash flowCredit Suisse$32.29$41.45
Discounted cash flowCredit Suisse$30.54$38.91
Discounted cash flowGoldman Sachs$24.57$32.30
Discounted cash flowGoldman Sachs$29.67$37.53
Discounted cash flowGoldman Sachs$21.71$27.17
Discounted cash flowGoldman Sachs$30.63$38.89
Premiums paidGoldman Sachs$27.16$30.31
Implied value per Falcon Minerals Corp share by analysis, from Credit Suisse and Goldman Sachs · DCF discount rate 8.5%–10.5%.