Crescent Energy acquires Vital Energy in $3.1B all-stock deal; creates top 10 independent

Vital Energy, Inc.

Vital shareholders receive 1.9062 CRGY shares per share, a ~5% premium to 30-day VWAP exchange ratio and ~15% premium to Vital's 30-day VWAP.
Post-close, Crescent shareholders own ~77%, Vital ~23%; combined company to be a top 10 independent.
Expected annual synergies of $90-$100 million; Crescent targets $1 billion in non-core divestitures.
Transaction valued at ~$3.1B including net debt; approved by both boards; expected close by year-end 2025.

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