Diversified Energy Company PLC (LSE:DEC, NYSE:DEC) told investors its recently announced acquisition of Maverick Natural Resources remains on track, and the deal ‘is not, and will not be, impacted or adjusted’.
It comes as DEC’s London-listed shares are down around 33% over the past month.
“The general meeting will take place at 1:00 pm (London Time) on Monday, March 10, and the acquisition is now anticipated to close prior to the end of the first quarter of 2025, subject to customary closing conditions and Diversified shareholder approval,” the company added.
DEC announced its $1.28 billion deal to acquire Maverick at the end of January – to add assets in the Western Anadarko and Permian basin – with the London-listed firm assuming some $700 million of debt and rest paid in cash and shares ($207 million of cash, $345 million of shares).
The deal will add scale, increase liquids production, and create a combined company with long-term free cash flow generation, superior unit cash margins, and a compelling sustainability profile.