Civitas Resources (CIVI) has entered into an Agreement and Plan of Merger with SM Energy Company (SM) in a transformational, all-stock combination valued at approximately $12.8 billion. The resulting entity will be a leading U.S. independent oil producer.
Transaction Terms and Structure: Civitas stockholders will receive 1.45 shares of SM Energy common stock for each Civitas share. Upon closing, SM Energy stockholders will hold approximately 48% of the combined company, and Civitas stockholders will hold approximately 52%. The transaction is expected to close in the first quarter of 2026.
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