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Civitas Resources Agrees To Buyback $300 Mln Of Its Common Stock From CPPIB
(RTTNews) - Civitas Resources, Inc. (CIVI) reported on Tuesday that it has agreed to repurchase approximately 4.9 million shares of its common stock, par value $0.01 per share at a price of $61.00 per share, resulting in aggregate consideration of approximately $300 million from its largest shareholder, Canada Pension Plan Investment Board or CPPIB.
Following the Repurchase, CPPIB will remain the Company's largest shareholder and will own approximately 21% of the Common Stock.
As of December 31, 2022 and prior to the Repurchase, Civitas had approximately 85.1 million shares of Common Stock outstanding. Following the Repurchase, Civitas will have approximately 80.2 million shares of Common Stock outstanding.
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