Kirkland Advises Civitas Resources on $12.8B Combination with SM Energy

Kirkland & Ellis advised Civitas Resources, Inc. (NYSE: CIVI) on a definitive merger agreement with SM Energy Company (NYSE: SM) involving an all-stock transaction. Under the terms of the transaction, each common share of Civitas will be exchanged for 1.45 shares of SM Energy common stock. The combined company's enterprise value of approximately $12.8 billion is inclusive of each company's net debt. The combined company will have a premier portfolio of approximately 823,000 net acres, with the Permian position being the cornerstone. The transaction is expected to close in the first quarter of 2026.

Read the transaction press release

The Kirkland team included transactional lawyers Doug Bacon, Kim Hicks, Julian Seiguer, Patrick Salvo, Ieuan List, Brittany Scheier and Christian Mahre; executive compensation lawyers Stephen Jacobson and Brandon Newman; and tax lawyer Mark Dundon.