M&A · Energy · Crude Petroleum & Natural Gas
Baytex Energy Corp. to acquire Ranger Oil Corp
Announced Feb 28, 2023 · Closed Jun 20, 2023
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationCash and stock
Transaction
- Acquirer
- Baytex Energy Corp. (BTE)
- Target
- Ranger Oil Corp
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Jun 20, 2023
Deal protections
- Break fee (target pays)
- $60.0M
- Reverse fee (buyer pays)
- $95.0M
- Go-shop
- No-shop
- Financing
- Committed · CIBC, RBC Capital Markets
Advisors
- To the acquirer
- Not disclosed
- To the target
- BofA Securities, Wells Fargo
- BofA Securities fee
- $18.0M
Sector context · Energy
- Comparable deals
- 37 in the prior 24 months
- Premium
- Sector median 27.3%
- EV / Adj. EBITDA
- Sector median 12.6x
- Break fee
- Sector median 2.8%
Timeline
- AnnouncedFeb 28, 2023
- Proxy filedMay 18, 2023
- Definitive proxyMay 18, 2023
- Shareholder voteJun 20, 2023
- ClosedJun 20, 2023
Valuation · fairness opinions
Trading comparables$31.54$51.11
Precedent transactions$33.85$53.42
Discounted cash flow$1.93$2.17
Discounted cash flow$30.92$38.25
Discounted cash flow$32.85$40.42
Implied value per Ranger Oil Corp share by analysis, from BofA Securities · DCF discount rate 10.6%–12.9%.