Diversified Energy Enhances Oklahoma Operations Through $550 Million Acquisition of Canvas Energy
Acquisition Details: Diversified Energy Co. PLC is acquiring Canvas Energy for $550 million, which includes producing wells and undeveloped land in Oklahoma, expected to increase production by 13% and adjusted EBITDA by 18%.
Financial Impact: The acquisition is projected to enhance free cash flow by 29%, with the Oklahoma properties having EBITDA margins of about 70%, and will be funded through newly issued shares and Carlyle-backed financing.
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