M&A · Energy · Crude Petroleum & Natural Gas
California Resources Corp to acquire Berry Corp (bry)
Announced Sep 15, 2025 · Closed Dec 18, 2025
Deal value$296MEV $710M
Premium15.0%To unaffected price
EV / Adj. EBITDA—1.0x EV / Revenue
ConsiderationAll stock$3.81 per share
Transaction
- Acquirer
- California Resources Corp (CRC)
- Target
- Berry Corp (bry) (BRY)
- Buyer type
- Strategic
- Offer price per share
- $3.81
- Enterprise value
- $710M
- Status
- Closed Dec 18, 2025
Deal protections
- Break fee (target pays)
- $12.0M · 4.1%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Guggenheim
Sector context · Energy
- Comparable deals
- 40 in the prior 24 months
- Premium
- 15.0% vs. 19.4% sector median
- EV / Adj. EBITDA
- Sector median 8.5x
- Break fee
- 4.1% vs. 3.0% sector median
Timeline
- AnnouncedSep 15, 2025
- Proxy filedNov 4, 2025
- Definitive proxyNov 4, 2025
- Shareholder voteDec 15, 2025
- ClosedDec 18, 2025
Valuation · fairness opinions
Analyst price targets$4.70$5.51
Analyst price targets$5.23$6.08
Trading comparables$3.31$4.59
Premiums paid$3.34$3.80
Trading comparables$2.11$5.90
Offer $3.81
Implied value per Berry Corp (bry) share by analysis, from Guggenheim.