Acacia Research Corp. (ACTG) has released an update.
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Benchmark Energy II, LLC, a subsidiary of Acacia Research Corporation, has reached an agreement to acquire upstream assets and related facilities from Revolution Resources and its affiliates for $145 million, with customary post-closing adjustments. The transaction, expected to close in Q2 2024, involves a mix of cash on hand, new credit, and partner contributions, with the Company’s interest in Benchmark post-deal anticipated to be approximately 73.1%. Terms include a deposit into escrow and provisions for termination rights and customary closing conditions. The deal aims to enhance Benchmark’s footprint in the Texas and Oklahoma energy sectors.
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