U.S. energy company California Resources (CRC.N) announced on Monday that it will acquire oil producer Berry Corp (BRY.O) in an all-stock transaction valued at approximately $717 million, including debt.
Under the deal, Berry shareholders will receive 0.0718 California Resources shares for each Berry share they own, valuing Berry at $3.806 per share and giving the transaction an equity value of around $295 million, News.Az reports, citing Reuters.
As of June 30, Berry carried $364.6 million in long-term debt. Following the merger, California Resources shareholders will hold roughly 94% of the combined company.
The boards of both companies have unanimously approved the transaction, which is expected to close in the first quarter of 2026.
