M&A · Energy · Crude Petroleum & Natural Gas
Viper Energy, Inc. to acquire Sitio Royalties Corp.
Announced Jun 3, 2025 · Closed Aug 19, 2025
Deal value$4.10BEV $5.18B
Premium12.9%To unaffected price
EV / Adj. EBITDA9.3x8.1x EV / Revenue
ConsiderationAll stock
Transaction
- Acquirer
- Viper Energy, Inc.
- Target
- Sitio Royalties Corp. (STR)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $5.18B
- Status
- Closed Aug 19, 2025
Deal protections
- Break fee (target pays)
- $89.6M · 2.2%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Moelis
- To the target
- JPMorgan
- Moelis fee
- $4.0M
- JPMorgan fee
- $27.0M
Sector context · Energy
- Comparable deals
- 41 in the prior 24 months
- Premium
- 12.9% vs. 18.9% sector median
- EV / Adj. EBITDA
- 9.3x vs. 8.3x sector median
- Break fee
- 2.2% vs. 3.0% sector median
Timeline
- AnnouncedJun 3, 2025
- Proxy filedJul 18, 2025
- Definitive proxyJul 18, 2025
- Shareholder voteAug 18, 2025
- ClosedAug 19, 2025
Valuation · fairness opinions
Discounted cash flowMoelis$10,810.00$13,351.00
Discounted cash flowMoelis$36.15$44.65
Discounted cash flowMoelis$12,437.00$15,389.00
Discounted cash flowMoelis$41.60$51.50
Discounted cash flowMoelis$2,512.00$3,325.00
Trading comparablesJPMorgan$16.75$22.75
Trading comparablesJPMorgan$37.75$46.75
Implied value per Sitio Royalties Corp. share by analysis, from Moelis and JPMorgan.