"Civitas Resources and SM Energy Announce $12.8 Billion All-Stock Merger Agreement"

"Civitas Resources, Inc. and SM Energy Company have agreed to merge in an all-stock transaction, with Civitas shareholders receiving 1.45 SM Energy shares for each Civitas share. The combined company will have an enterprise value of $12.8 billion and a portfolio of 823,000 net acres, primarily in the Permian Basin. The merger is expected to close in Q1 2026. Kirkland & Ellis provided legal counsel for Civitas on the deal."

Kirkland & Ellis advised Civitas Resources, Inc. (NYSE: CIVI) on its definitive merger agreement with SM Energy Company (NYSE: SM), involving an all-stock transaction. The transaction entails each common share of Civitas being exchanged for 1.45 shares of SM Energy common stock, resulting in a combined enterprise value of approximately $12.8 billion, inclusive of both companies' net debt. The merged entity will possess a premier portfolio of approximately 823,000 net acres, with the Permian position serving as the cornerstone. The transaction is anticipated to close in the first quarter of 2026. The Kirkland & Ellis team included transactional lawyers Doug Bacon, Kim Hicks, Julian Seiguer, Patrick Salvo, Ieuan List, Brittany Scheier, and Christian Mahre; executive compensation lawyers Stephen Jacobson and Brandon Newman; and tax lawyer Mark Dundon.

"Civitas Resources and SM Energy Announce $12.8 Billion All-Stock Merger Agreement"

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