
Shares of Vital Energy VTLE.N rise 11.5% to $17.61 premarket
Crescent Energy CRGY.N says it will acquire Vital Energy VTLE.N in an all-stock deal for $3.1 billion, including debt
The deal represents a premium of 20% as per stock's last close
Crescent shareholders will own about 77% of the combined company and the rest will be owned by VTLE
The deal is expected to close by the end of the year
CRGY says it has lined up a $1 billion pipeline of non-core asset sales to help strengthen its balance sheet
Reuters had reported the talks on Friday, citing sources familiar with the matter
As of last close, VTLE shares down ~49% YTD