Viper Energy to acquire Sitio Royalties in $4.1B all-equity deal

Sitio Royalties Corp.

Total enterprise value of ~$4.1B includes $1.1B net debt; exchange ratio of 0.4855 shares per Sitio share implies $19.41/STR.
Former Viper and Sitio stockholders will own ~80% and ~20% of New Parent, respectively; Diamondback to own ~41% of pro forma Viper.
Viper increases base dividend 10% to $1.32/share annually ($0.33 quarterly).
Expected annual synergies >$50M from G&A and cost of capital savings; deal expected to close Q3 2025.
Transaction ~8–10% accretive to cash available for distribution per Class A share; pro forma leverage ~1.2x at strip.

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