Parsley Energy acquires Jagged Peak Energy in all-stock transaction

Parsley Energy Inc. and Jagged Peak Energy Inc. have entered into a definitive merger agreement under which Parsley will acquire Jagged Peak in an all-stock transaction valued at approximately $2.27 billion, including Jagged Peak’s net debt of approximately $625 million.

Under the terms of the agreement, Jagged Peak shareholders will receive a fixed exchange ratio of 0.447 shares of Parsley Class A common stock for each share of Jagged Peak common stock they own.

The transaction, which is expected to close in the first quarter of 2020, was unanimously approved by each company’s board of directors. Following the close of the transaction, Parsley shareholders will own approximately 77 percent of the combined company, and Jagged Peak shareholders will own approximately 23 percent of the combined company, on a fully diluted basis in each case.

For more information, visit www.parsleyenergy.com or www.jaggedpeakenergy.com.

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