Civitas Resources, Inc. (CIVI) has entered into a Material Definitive Agreement to merge with SM Energy Company in a two-step transaction, effective as of November 2, 2025. Civitas shareholders will receive 1.45 shares of SM Energy Common Stock for each share of Civitas Common Stock held. The transaction is intended to qualify as a tax-free reorganization under Section 368(a) of the Code, subject to required stockholder approvals from both entities and antitrust clearances (HSR filings within 20 business days).
The combined entity’s New Board will comprise 11 members: 6 designated by SM Energ
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