LandBridge acquires 46,000 acres for $245M, raises $350M via private placement, ups 2025 EBITDA guidance to $170-190M

LandBridge Co LLC

Acquires 46,000 surface acres in Reeves/Pecos, Texas for $245M; seller VTX Energy commits $25M/year revenue for 5 years.
Private placement of 5.83M Class A shares at $60.03 raises ~$350M; $200M funds acquisition, balance used for share repurchase/cancellation.
Closes Lea County, NM acquisition (~5,800 acres); total holdings to ~272,000 acres after Wolf Bone closing.
Raises 2025 Adjusted EBITDA guidance to $170-190M; expects >20% FCF per share accretion.
Pro forma LQA net leverage 2.7x, liquidity ~$113M; management and Five Point own ~70% post-placement.

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