BKV to acquire majority control of BKV-BPP Power JV for ~$376M (net debt adjusted), paid 50% cash and 50% stock

BKV Corp

BKV acquiring additional 25% interest in BKV-BPP Power JV from BPPUS, increasing ownership to 75%.
Purchase price formula: $376M less 25% of JV's net indebtedness (~$581.8M as of 9/30/25); estimated net consideration ~$230.5M.
Consideration paid 50% cash (from cash on hand and RBL draws) and 50% BKV common stock at $21.6609/share.
Transaction closed expected Q1 2026; subject to at least 75% approval of disinterested BPP shareholders.
RBL credit agreement amended to increase max net leverage ratios for restricted payments, debt prepayments, and investments.

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