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Announced

Warburg Pincus-backed Citizen Energy to acquire Blue Mountain Midstream from Riviera Resources for $111m.

Financials

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Transaction Value£84m
Consideration TypeCash
Capital Owned-
Capital Bid For100%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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oil and gas company

Oil: Crude Producers

Pending

Majority

crude oil

natural gas

Single Bidder

Acquisition

United States

Friendly

Private

Private Equity

Synopsis

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Warburg Pincus-backed Citizen Energy, an oil and natural gas exploration company, agreed to acquire Blue Mountain Midstream, an oil and gas producer, from Riviera Resources, a natural gas liquids company, for $111m. "This transaction is the culmination of our extensive review of strategic alternatives for Blue Mountain. Over the past twelve months, the company has spent extraordinary time and effort engaging with several counterparties in an effort to maximize the sale value of Blue Mountain. Given the challenging macro-environment, we are pleased with this result. Consistent with past decisions, we expect to find ways to use the proceeds to return capital to shareholders," David Rottino, Riviera President and CEO.

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