Shale producer Validus to buy Citizen Energy in deal worth over $2 billion, sources say [Yahoo! Finance Canada]
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Source: Yahoo! Finance Canada
for more than $2 billion, including debt, according to people familiar with the matter. A record consolidation wave has been sweeping through the U.S. shale industry. A post-COVID surge in oil prices flooded the sector with cash, and buyers have been seeking to lock up the best drilling sites. Validus prevailed in the auction for Tulsa-based Citizen Energy over other bidders, the sources said, requesting anonymity as the discussions are confidential. Citizen, backed by private equity firm Warburg Pincus, started exploring a sale in recent months after Validus offered to buy the company, the sources said. Warburg and Citizen declined to comment. Validus did not respond to requests for comment. The deal marks the second notable acquisition in the Mid-Continent region for Validus, which earlier this year spent roughly $450 million to buy assets from Continental Resources, the sources said. Continental did not respond to requests for comment. The latest iteration of Citizen wa
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- Validus Energy reportedly set to acquire Citizen Energy in $2bn deal [Yahoo! Finance]Yahoo! Finance
- Shale producer Validus to buy Citizen Energy in deal worth over $2 billion, sources say [Yahoo! Finance]Yahoo! Finance
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