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Diversified Energy Co. has completed its $1.275 billion acquisition of EIG-backed Maverick Natural Resources, the independent energy company said March 14.
The multi-basin deal included an entry for Diversified into the Permian Basin, where Maverick’s assets include multiple operating zones in the northern Delaware Basin, Northwest Shelf and Central Basin Platform.
The newly-combined company has an enterprise value of about $3.8 billion and operates across five regions: Appalachia, Anadarko, Permian, Barnett and the Ark-La-Tex, according to the company’s announcement of the deal on Jan. 27.
The company’s board is now made up of eight directors, six from Diversified’s board and two chosen by EIG.
As part of the deal, Maverick CEO Rick Gideon will become the newly-merged company’s COO, effective March 18.
Citi served as financial and transaction adviser and KeyBanc Capital Markets, Truist and Stifel served as additional advisers to Diversified. Gibson, Dunn & Crutcher LLP and Latham & Watkins (London) LLP served as legal advisers to Diversified on the Acquisition. Jefferies Securities served as financial adviser and Kirkland & Ellis LLP is serving as legal adviser to Maverick and EIG.
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