Freehold Closes Strategic Acquisition of Midland Basin Assets
Deal News | Dec 19, 2024 | Bryan Cave Leighton Paisner LLP
Freehold Royalties (USA) Inc. has successfully acquired mineral and royalty assets in the Midland Basin, Texas, with a purchase price of approximately $184 million USD, equating to CAD $259 million. The acquisition was completed with the guidance of legal advisor Bryan Cave Leighton Paisner LLP (BCLP). The transaction included the closure of a bought-deal equity financing, allowing Freehold to exercise an option for an additional interest prior to the deal's conclusion. The BCLP team, led by partner Fraser Wayne, played a pivotal role in navigating the energy and infrastructure complexities of the transaction, demonstrating the strategic significance of the acquisition in expanding Freehold's asset portfolio in a key U.S. energy region.
Sectors
- Energy
- Legal Advisory
- Finance
Geography
- United States – The mineral and royalty assets are located in the Midland Basin, Texas.
- Canada – Freehold Royalties (USA) Inc. is a subsidiary of a Canadian company, indicating cross-border involvement.
Industry
- Energy – The acquisition involves mineral and royalty assets in the Midland Basin, a significant region for energy production in the U.S.
- Legal Advisory – Bryan Cave Leighton Paisner LLP provided legal advisory services for the acquisition.
- Finance – The acquisition was supported by equity financing, underscoring the financial strategy behind the transaction.
Financials
- 184000000 – The acquisition price in USD for the Midland Basin assets.
- 259000000 – The acquisition price converted to CAD for the Midland Basin assets.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Freehold Royalties (USA) Inc. | Buyer | Company | A company involved in acquiring mineral and royalty interests. |
| Private Seller | Vendor | Company | The undisclosed entity selling the Midland Basin assets. |
| Bryan Cave Leighton Paisner LLP | Legal Advisor | Company | A law firm providing legal counsel for the transaction. |
| Fraser Wayne | Partner, Energy and Infrastructure | Person | Led the BCLP team in advising on the acquisition. |