Corporate M&A

Parsley Energy Completes Acquisition of Jagged Peak Energy

By Shriya Bhargava
January 10, 2020
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Parsley Energy

Austin-based Permian E&P player Parsley Energy Inc. has completed its all stock acquisition of Jagged Peak Energy Inc., a publicly quoted independent with unconventional oil and associated liquids-rich natural gas assets concentrated in the Southern Delaware Basin in West Texas. Previously, in October 2019, Parsley Energy had entered into a definitive agreement to acquire 100% of Jagged Peak in exchange for issuing 0.447 shares of Parsley Class A common stock for each share of Jagged Peak common stock. The transaction valued Jagged Peak at approximately US$2.3 billion, including US$625 million of net debt. Following the closing of the transaction, Parsley shareholders own approximately 77% of the combined company (on a fully diluted basis). Tudor, Pickering, Holt & Co. acted as financial advisor to Parsley Energy, while Citi and RBC Capital Markets advised Jagged Peak on the deal.

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