Kimbell Royalty Partners completes $455M acquisition of Cherry Creek Minerals; files historical and pro forma financials

Kimbell Royalty Partners, LP

Acquired all membership interests of Cherry Creek Minerals LLC for $455M cash; closed Sept 13, 2023.
Consideration: $130M from credit facility + $325M from Apollo Series A Convertible Preferred Units.
LongPoint Minerals II H1 2023 unaudited: revenues $49.6M, net income $38.7M; 2022 audited net income $50.8M.
Pro forma statements give effect to acquisition, prior Hatch acquisition (Dec 2022), and TGR redemption.
Seller LongPoint expects to record a loss on sale as $455M is below its carrying value.

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