Latham & Watkins Advises Vencer Energy in Its Sale of Assets to Civitas for US$2.15 Billion

Civitas Resources, Inc. (NYSE: CIVI) (Civitas) has announced it has entered into an agreement to acquire assets from Vencer Energy, LLC (Vencer Energy) for US$2.15 billion in a combination of cash, stock, and deferred payment consideration, subject to customary anti-dilution and purchase price adjustments. The assets are comprised of certain oil and gas properties, interests, and related assets located in Glasscock, Martin, Midland, Reagan, and Upton Counties, Texas. The transaction is expected to close early in the first quarter of 2024, subject to customary closing conditions and regulatory approvals.

Latham & Watkins represents Vencer Energy in the transaction with a corporate deal team led by Houston partners James Garrett, Michael King, and John Greer, with associates Cesar Leyva, Daniel Harrist, Monika Kluziak, John Daywalt, Jordan Armstrong, Kevin Donovan, and Chris Fanick. Advice was also provided on labor and employment matters by Washington, D.C. partner Adam Kestenbaum and Houston counsel Krisa Benskin; on tax matters by Houston partner Jim Cole, with associate Dominick Constantino; on antitrust matters by Washington, D.C. partner Jason Cruise; and on finance matters by Houston partner Catherine Ozdogan.