M&A · Energy · Crude Petroleum & Natural Gas
Crescent Energy Co to acquire Silverbow Resources, Inc.
Announced May 16, 2024 · Closed Jul 30, 2024
Deal value$2.10BEV $2.10B
Premium—To unaffected price
EV / Adj. EBITDA4.0x2.7x EV / Revenue
ConsiderationCash and stock$38.00 per share
Transaction
- Acquirer
- Crescent Energy Co (CRGY)
- Target
- Silverbow Resources, Inc. (SBOW)
- Buyer type
- Strategic
- Offer price per share
- $38.00
- Enterprise value
- $2.10B
- Status
- Closed Jul 30, 2024
Deal protections
- Break fee (target pays)
- $30.5M · 1.5%
- Reverse fee (buyer pays)
- $61.0M · 2.9%
- Go-shop
- —
- Financing
- Committed · Wells Fargo
Advisors
- To the acquirer
- Jefferies
- To the target
- BofA Securities
- Jefferies fee
- $15.0M
- BofA Securities fee
- $16.0M
Sector context · Energy
- Comparable deals
- 38 in the prior 24 months
- Premium
- Sector median 18.9%
- EV / Adj. EBITDA
- 4.0x vs. 7.9x sector median
- Break fee
- 1.5% vs. 2.9% sector median
Timeline
- AnnouncedMay 16, 2024
- Proxy filedJun 28, 2024
- Definitive proxyJun 28, 2024
- Shareholder voteJul 26, 2024
- ClosedJul 30, 2024
Valuation · fairness opinions
Discounted cash flowJefferies$41.91$65.63
Discounted cash flowJefferies$45.45$49.63
Discounted cash flowJefferies$37.13$52.81
Discounted cash flowIntrepid Partners$39.21$57.56
Discounted cash flowIntrepid Partners$40.52$59.22
Future share priceIntrepid Partners$30.59$36.09
Future share priceIntrepid Partners$32.27$37.93
Trading comparablesIntrepid Partners$38.66$53.56
Offer $38.00
Implied value per Silverbow Resources, Inc. share by analysis, from Jefferies and Intrepid Partners · DCF discount rate 10.7%–11.7%.