14th Mar 2025 14:30
(Alliance News) - Diversified Energy Co PLC on Friday said it has completed its previously announced acquisition of Maverick Natural Resources LLC.
The Birmingham, Alabama-based natural gas producer said the deal, first announced in January, was "overwhelmingly" approved by shareholders at a general meeting on March 10.
In connection with the transaction, Diversified issued 21.2 million new ordinary shares, which will begin trading on the New York Stock Exchange and London Stock Exchange on March 17. The company's total issued share capital now stands at 80.99 million shares.
As part of the acquisition, Maverick Chief Executive Officer Rick Gideon will join Diversified as chief operating officer, effective March 18.
The acquisition for a total of USD1.28 billion, first announced on January 27 and funded in part by a USD1.5 billion loan, adds "immediate scale, increases liquids production, and creates a combined company with long-term free cash flow generation".
Following the deal, Diversified and Maverick will have a combined enterprise value of USD3.8 billion.
Shares in Diversified Energy were up 0.4% at USD11.76 in New York on Friday afternoon. Shares were trading down 0.4% at 911.00 pence in London.
By Eva Castanedo, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights reserved.
Related Shares:
Diversified Energy