Earthstone Energy shares are trading higher after the company announced it entered into a definitive agreement to be acquired by Permian Resources in an all-stock transaction valued at approximately $4.5 billion.
Portfolio Pulse from Benzinga Newsdesk
Earthstone Energy has announced a definitive agreement to be acquired by Permian Resources in an all-stock transaction valued at approximately $4.5 billion. This has led to a rise in Earthstone Energy's share prices.
August 21, 2023 | 3:32 pm
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Earthstone Energy's shares are trading higher after the announcement of its acquisition by Permian Resources. The deal is valued at approximately $4.5 billion.
The acquisition news has a direct impact on Earthstone Energy's stock price. The all-stock deal implies that Earthstone Energy's shareholders will receive shares of Permian Resources, which is perceived positively by the market, leading to a rise in ESTE's share price.
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