Why Sitio Royalties Corp. (STR) Skyrocketed On Tuesday
We recently published a list of . In this article, we are going to take a look at where Sitio Royalties Corp. (NYSE:STR) stands against other Tuesday's best performers.
Sitio Royalties saw its share prices increase by 15.30 percent on Tuesday to finish at $19.97 apiece following news that it is set to be acquired by Viper Energy Inc. for $4.1 billion.
In a statement, Viper Energy said it entered into a definitive agreement with Sitio Royalties Corp. (NYSE:STR), under which the former will acquire the latter in an all-stock transaction, including its net debt of approximately $1.1 billion.
A close-up of an oil derrick against a colorful sunset sky, a symbol of the company's success.
Under the transaction, each STR Class A stockholder will be able to receive 0.4855 Class A common shares of a new merger company.
Meanwhile, shareholders of Sitio's operating subsidiary will get 0.4855 units of Viper's operating subsidiary.
Lastly, Class C shareholders of Sitio Royalties Corp. (NYSE:STR) will be able to receive Class B stock in the merger company.
'The transaction was unanimously approved by the Board of Directors of each company and has been approved by the written consent of Diamondback as Viper's majority stockholder,' Viper Energy said.
The transaction is subject to customary regulatory approvals and is expected to close in the third quarter of 2025.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
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