Viper Energy to acquire Sitio Royalties in $4.1B all-stock deal; boosts dividend 10%

VNOM Sub, Inc.

Viper to acquire Sitio in all-equity transaction valued at ~$4.1B including ~$1.1B net debt.
Exchange ratio: 0.4855 shares of pro forma Viper per Sitio share; implied value $19.41/share.
Deal expected to close Q3 2025; ~48% of Sitio voting power (incl. Kimmeridge) agree to vote in favor.
Viper board approves 10% base dividend increase to $1.32/share annually ($0.33 quarterly).
Pro forma Viper: ~85,700 net royalty acres in Permian; Diamondback ownership ~41%; expected ~8-10% accretion.

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