Diversified Energy Completes Maverick Acquisition
Diversified Energy Company (NYSE: DEC) has completed its previously announced acquisition of Maverick Natural Resources. As part of the transaction, DEC has issued 21,194,213 new ordinary shares (Consideration Shares), which will be listed on the NYSE and rank equally with existing shares.
The Consideration Shares are expected to be admitted to trading on the London Stock Exchange at 8:00 a.m. (London time) on March 17, 2025. Following the acquisition, Maverick's CEO Rick Gideon will assume the role of Chief Operating Officer at DEC, effective March 18, 2025.
The company's total number of ordinary shares following the acquisition stands at 80,990,155, with each share carrying one voting right. Citi acted as the primary financial advisor, while KeyBanc Capital Markets, Truist, and Stifel provided additional advisory services for the transaction.
Diversified Energy Company (NYSE: DEC) ha completato l'acquisizione precedentemente annunciata di Maverick Natural Resources. Come parte della transazione, DEC ha emesso 21.194.213 nuove azioni ordinarie (Azioni di Considerazione), che saranno quotate sul NYSE e avranno lo stesso valore delle azioni esistenti.
Le Azioni di Considerazione dovrebbero essere ammesse alla negoziazione sulla Borsa di Londra alle 8:00 (ora di Londra) del 17 marzo 2025. A seguito dell'acquisizione, il CEO di Maverick, Rick Gideon, assumerà il ruolo di Chief Operating Officer di DEC, a partire dal 18 marzo 2025.
Il numero totale di azioni ordinarie della società dopo l'acquisizione è di 80.990.155, con ogni azione che conferisce un diritto di voto. Citi ha agito come principale consulente finanziario, mentre KeyBanc Capital Markets, Truist e Stifel hanno fornito ulteriori servizi di consulenza per la transazione.
Diversified Energy Company (NYSE: DEC) ha completado la adquisición previamente anunciada de Maverick Natural Resources. Como parte de la transacción, DEC ha emitido 21,194,213 nuevas acciones ordinarias (Acciones de Consideración), que se cotizarán en la NYSE y tendrán el mismo rango que las acciones existentes.
Se espera que las Acciones de Consideración sean admitidas para su negociación en la Bolsa de Valores de Londres a las 8:00 a.m. (hora de Londres) del 17 de marzo de 2025. Tras la adquisición, el CEO de Maverick, Rick Gideon, asumirá el cargo de Director de Operaciones en DEC, a partir del 18 de marzo de 2025.
El número total de acciones ordinarias de la empresa después de la adquisición es de 80,990,155, con cada acción otorgando un derecho de voto. Citi actuó como asesor financiero principal, mientras que KeyBanc Capital Markets, Truist y Stifel proporcionaron servicios de asesoría adicionales para la transacción.
다양화된 에너지 회사(Diversified Energy Company, NYSE: DEC)가 매버릭 내추럴 리소스(Maverick Natural Resources)의 인수를 완료했습니다. 거래의 일환으로 DEC는 21,194,213개의 새로운 보통주(대가 주식)를 발행했으며, 이는 NYSE에 상장되고 기존 주식과 동일한 권리를 갖습니다.
대가 주식은 2025년 3월 17일 오전 8시(런던 시간) 런던 증권 거래소에서 거래가 시작될 것으로 예상됩니다. 인수 후 매버릭의 CEO인 릭 기디온(Rick Gideon)은 2025년 3월 18일부터 DEC의 최고 운영 책임자(Chief Operating Officer) 역할을 맡게 됩니다.
인수 후 회사의 총 보통주 수는 80,990,155주이며, 각 주식은 하나의 의결권을 부여합니다. 씨티(Citi)는 주요 재무 자문사로 활동했으며, 키뱅크 캐피탈 마켓(KeyBanc Capital Markets), 트루이스트(Truist), 스티펠(Stifel)은 거래에 대한 추가 자문 서비스를 제공했습니다.
Diversified Energy Company (NYSE: DEC) a finalisé l'acquisition précédemment annoncée de Maverick Natural Resources. Dans le cadre de la transaction, DEC a émis 21 194 213 nouvelles actions ordinaires (Actions de Considération), qui seront cotées à la NYSE et auront le même statut que les actions existantes.
Les Actions de Considération devraient être admises à la négociation à la Bourse de Londres à 8h00 (heure de Londres) le 17 mars 2025. Suite à l'acquisition, le PDG de Maverick, Rick Gideon, assumera le rôle de Directeur des opérations chez DEC, à compter du 18 mars 2025.
Le nombre total d'actions ordinaires de la société après l'acquisition s'élève à 80 990 155, chaque action conférant un droit de vote. Citi a agi en tant que conseiller financier principal, tandis que KeyBanc Capital Markets, Truist et Stifel ont fourni des services de conseil supplémentaires pour la transaction.
Diversified Energy Company (NYSE: DEC) hat die zuvor angekündigte Übernahme von Maverick Natural Resources abgeschlossen. Im Rahmen der Transaktion hat DEC 21.194.213 neue Stammaktien (Entschädigungsaktien) ausgegeben, die an der NYSE notiert werden und gleichwertig mit den bestehenden Aktien sind.
Die Entschädigungsaktien sollen am 17. März 2025 um 8:00 Uhr (Londoner Zeit) an der London Stock Exchange zum Handel zugelassen werden. Nach der Übernahme wird der CEO von Maverick, Rick Gideon, ab dem 18. März 2025 die Rolle des Chief Operating Officer bei DEC übernehmen.
Die Gesamtzahl der Stammaktien des Unternehmens nach der Übernahme beträgt 80.990.155, wobei jede Aktie ein Stimmrecht gewährt. Citi fungierte als Hauptfinanzberater, während KeyBanc Capital Markets, Truist und Stifel zusätzliche Beratungsdienste für die Transaktion bereitstellten.
- Strategic expansion through acquisition of Maverick Natural Resources
- Strengthening of executive team with appointment of experienced Maverick CEO as new COO
- 26.2% share dilution with issuance of 21.19 million new shares
Insights
Diversified Energy's completion of the Maverick acquisition represents a significant transaction evidenced by the issuance of 21.19 million new shares, approximately 26% of the post-transaction share count. This equity-based consideration structure preserves DEC's cash position while giving Maverick's owners a stake in the combined entity.
While the announcement lacks specific financial details about Maverick's assets or the deal's valuation, the transaction required shareholder approval on March 10th, which was overwhelmingly received, indicating strong investor support for management's growth strategy. The substantial size of the equity issuance suggests this is a material expansion of DEC's operational footprint.
The transaction structure—using equity rather than solely debt—appears strategically sound for a company in the capital-intensive energy sector, helping maintain balance sheet flexibility for future operations and well retirement obligations. This approach aligns with prudent capital allocation strategies in the current interest rate environment.
The seamless regulatory approval process and expected quick trading admission of the new shares (March 17th) signals well-executed transaction planning. With Maverick's CEO joining as COO, DEC gains important operational leadership, suggesting confidence in integration capabilities and potential operational synergies between the combined assets.
This acquisition aligns with Diversified Energy's established business model as an independent energy company focused on natural gas assets. The company has built its portfolio by acquiring mature producing assets, and the Maverick deal appears to follow this pattern, though specific asset details aren't disclosed in the announcement.
A key strategic element is bringing Maverick's CEO Rick Gideon into the COO role at DEC. This leadership integration suggests valuable operational expertise is being absorbed along with the physical assets, potentially enhancing DEC's operational capabilities across its expanded portfolio.
DEC's focus on "natural gas and liquids production, transportation, marketing and well retirement" highlights its integrated approach to the full lifecycle of energy assets. The company's emphasis on well retirement in its corporate description is particularly notable, as responsible decommissioning of aging wells has become an increasingly important industry consideration both operationally and from an ESG perspective.
Without specific details on Maverick's asset portfolio, production capabilities, or geographical footprint, it's difficult to assess precise operational synergies. However, the scale of the share issuance suggests this represents a material expansion of DEC's operational base, reinforcing its position in the natural gas sector at a time when natural gas remains a critical transition fuel in the evolving energy landscape.
BIRMINGHAM, Ala., March 14, 2025 (GLOBE NEWSWIRE) -- Further to the announcements on January 27, 2025 and February 20, 2025, Diversified Energy Company PLC (LSE: DEC; NYSE: DEC) (“Diversified” or the “Company”), an independent energy company focused on natural gas and liquids production, transportation, marketing and well retirement, today announces the completion of its previously announced acquisition of Maverick Natural Resources (the “Acquisition”).
Issue of shares
In connection with the Acquisition and following the overwhelming approving by the shareholders of the Company at the general meeting on March 10, 2025, the Company has allotted and issued 21,194,213 new ordinary shares in the capital of the Company (the “Consideration Shares”). The Consideration Shares will be listed on the New York Stock Exchange and will rank pari passu in all respects with Diversified's existing ordinary shares of
Applications have been made to (i) the Financial Conduct Authority (the “FCA”) for admission of the Consideration Shares to listing on the equity shares (commercial companies) category of the Official List; and (ii) London Stock Exchange plc for admission of the Consideration Shares to trading on its main market for listed securities (together, "Admission"). It is expected that Admission will occur at 8.00 a.m. (London time) on 17 March 2025.
Governance and Leadership
Following the closing of the Acquisition, Rick Gideon, Chief Executive Officer (CEO) of Maverick Natural Resources will become the Chief Operating Officer (COO) of the Company effective March 18th, 2025.
Other than as set out above, there has been no material change affecting any matter relating to the Acquisition contained in the announcements released by Diversified on January 27, 2025 and February 20, 2025.
Total voting rights
For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules, the total number of ordinary shares of
The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Citi served as financial and transaction advisor to Diversified. KeyBanc Capital Markets, Truist and Stifel served as additional advisors to Diversified. Gibson, Dunn & Crutcher LLP and Latham & Watkins (London) LLP served as legal advisor to Diversified on the Acquisition. Jefferies Securities served as financial advisor and Kirkland & Ellis LLP is serving as legal advisor to Maverick and EIG.
For further information, please contact:
| Diversified Energy Company PLC | +1 973 856 2757 |
| Doug Kris | dkris@dgoc.com |
| Senior Vice President, Investor Relations & Corporate Communications | |
| FTI Consulting | dec@fticonsulting.com |
| U.S. & UK Financial Public Relations | |
About Diversified
Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our unique differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.
Forward-Looking Statements
This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). These forward-looking statements reflect the Company's beliefs and expectations and are subject to risks and uncertainties. These risks and uncertainties may relate to factors that are beyond the Company's ability to control or estimate precisely, including the risk factors described in the "Risk Factors" section in the Company's Annual Report and Form 20-F for the year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission ("SEC") and the risk factors described in Exhibit 99.2 to the Company's Form 6-K furnished with the SEC on January 27, 2025. Forward-looking statements speak only as of their date and neither the Company nor any of its directors, officers, employees, agents, affiliates or advisers expressly disclaim any obligation to supplement, amend, update or revise any of the forward-looking statements made herein, except where it would be required to do so under applicable law. As a result, you are cautioned not to place undue reliance on such forward-looking statements.
FAQ
How many new shares did DEC issue for the Maverick Natural Resources acquisition?
When will DEC's new shares from the Maverick acquisition begin trading on the London Stock Exchange?
What is the total number of voting shares for DEC after the Maverick acquisition?
Who will become DEC's new Chief Operating Officer following the Maverick acquisition?
Which financial institutions advised DEC on the Maverick acquisition?
