M&A · Energy · Crude Petroleum & Natural Gas
WhiteHawk Acquisition, Inc. to acquire PHX Minerals Inc.
Announced May 8, 2025 · Closed Jun 23, 2025
Deal value$165MEV $182M
Premium22.0%To unaffected price
EV / Adj. EBITDA8.6x4.9x EV / Revenue
ConsiderationAll cash$4.35 per share
Transaction
- Acquirer
- WhiteHawk Acquisition, Inc.
- Target
- PHX Minerals Inc. (PHX)
- Buyer type
- Strategic
- Offer price per share
- $4.35
- Enterprise value
- $182M
- Status
- Closed Jun 23, 2025
Deal protections
- Break fee (target pays)
- $6.8M · 4.1%
- Reverse fee (buyer pays)
- $6.8M · 4.1%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- RBC Capital Markets
Sector context · Energy
- Comparable deals
- 40 in the prior 24 months
- Premium
- 22.0% vs. 17.9% sector median
- EV / Adj. EBITDA
- 8.6x vs. 8.1x sector median
- Break fee
- 4.1% vs. 3.0% sector median
Timeline
- AnnouncedMay 8, 2025
- Tender offerMay 22, 2025
- ClosedJun 23, 2025
Valuation · fairness opinions
Trading comparables$3.26$3.64
Trading comparables$3.66$4.11
Discounted cash flow$3.67$4.70
Discounted cash flow$4.13$5.34
Trading comparables$4.89$5.81
Offer $4.35
Implied value per PHX Minerals Inc. share by analysis · DCF discount rate 12.5%–14.5%.