Validus Energy reportedly set to acquire Citizen Energy in $2bn deal [Yahoo! Finance]
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Source: Yahoo! Finance
The deal follows Validus' earlier purchase of assets from Continental Resources for approximately $450m, further expanding its footprint in the region. Citizen Energy, which is backed by private equity firm Warburg Pincus, began considering a sale following an initial offer from Validus. The company, which received a $300m equity commitment from Warburg in 2018, has grown through strategic acquisitions, becoming one of the largest private oil and gas producers in the Mid-Continent basin. The Mid-Continent basin, covering parts of Oklahoma, Kansas, Texas and Arkansas, attracted investors in the mid-2010s but failed to meet production expectations. This led to a downturn, with many companies selling at significantly reduced values. Citizen Energy's acquisition strategy included purchasing Roan Resources for $1.52 per share in 2019, a stark contrast to Roan's peak share price of $16 a year prior. Validus, which sold a venture in south Texas to Devon Energy for $1.8bn in 2022, is
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- Shale producer Validus to buy Citizen Energy in deal worth over $2 billion, sources say [Yahoo! Finance]Yahoo! Finance
- Shale producer Validus to buy Citizen Energy in deal worth over $2 billion, sources say [Yahoo! Finance Canada]Yahoo! Finance Canada
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