By Katherine Hamilton
WhiteHawk has agreed to acquire PHX Minerals in a deal worth $187 million.
WhiteHawk, a Philadelphia-based natural gas mineral and royalty company, on Thursday said it plans to pay $4.35 a share in an all-cash transaction for the Fort Worth, Texas, natural gas and oil mineral business. That is a 21.8% premium compared with PHX's closing share price on Wednesday.
The deal is expected to close early in the third quarter. It was unanimously approved by PHX's board.
Shares of PHX climbed 20% to $4.29 after the market closed. The stock was little changed in market trading and closed at $3.58. The shares are down about 10% this year.
PHX would add about 1.8 million gross unit acres of natural gas mineral and royalty assets to WhiteHawk's portfolio, expanding its footprint in Texas and Louisiana, the companies said.
"The acquisition of PHX is a significant milestone that more than doubles our gross unit acre footprint," Chief Executive Daniel Herz said.
WhiteHawk currently owns about 2.5% of PHX's outstanding shares.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
May 08, 2025 17:44 ET (21:44 GMT)
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