Earthstone Energy Acquires Warburg-Backed Independence Resources

Updated 8 months 1 week ago

Earthstone Energy entered a definitive agreement to acquired Independence Resources Management in December 2020 which is backed by Warburg Pincus and operates in the Midland Basin. This includes $135.2 million in cash and 12.7 million shares of Earthstone Class A common stock valued at $50.8 million with Earthstone shareholders retaining 83.7% of equity. The transaction is expected to close in the first quarter of 2021.

Robert Anderson, Earthstone President & CEO

This Transaction is another important step in the execution of our growth strategy to further increase our scale with high-quality accretive acquisitions. This is consistent with our stated strategy to be a consolidator in the Permian Basin and positions us well for additional value-enhancing transactions.