Simpson Thacher Represents J.P. Morgan as Financial Advisor to Sitio Royalties Corp. in its Acquisition by Viper Energy, Inc.
06.04.25
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The Firm is representing J.P. Morgan Securities LLC as financial advisor to Sitio Royalties Corp. (“Sitio”) in connection with Sitio’s proposed acquisition by Viper Energy, Inc. (“Viper”) in an all-equity transaction valued at approximately $4.1 billion. The consideration will consist of 0.4855 shares of Class A common stock of a new holding company (“pro forma Viper”) for each share of Sitio Class A common stock, and 0.4855 units of Viper’s operating subsidiary, Viper Energy Partners LLC, for each unit of Sitio’s operating subsidiary (along with a corresponding amount of Class B common stock of pro forma Viper for each share of Sitio Class C common stock). The transaction is subject to customary regulatory approvals and is expected to close in the third quarter of 2025.
Sitio is a shareholder returns-driven company focused on large-scale consolidation of oil & gas mineral and royalty interests across premium basins, with a diversified set of operators. Viper is a corporation formed by Diamondback Energy, Inc. to own, acquire and exploit oil and natural gas properties in North America, with a focus on owning and acquiring mineral and royalty interests.
The Simpson Thacher team includes Jakob Rendtorff and Wang Chen (M&A).