RTTNews | Dec 16, 2021 03:04PM EST

15:03 Thursday, December 16, 2021 (RTTNews.com) - Texas-based oil and gas company, Earthstone Energy, Inc. (ESTE), is trading 3% higher after the company announced that it has entered into an acquisition agreement with Chisholm Energy Holdings, LLC for around $604 million.

Chisholm is located near the Delaware Basin of New Mexico and it is presently owned by Warburg Pincus, LLC and its affiliates. The transaction will include 19.4 million shares at $9.98 on December 15 worth $194 million, $70 million in deferred cash over 12 months and another $340 million as closing payment. The deal is expected to close in the first quarter of 2022.

The stock is currently trading at $10.26, up $0.28 or 2.76% since the last close at $9.98. The stock opened at $10.27 in the morning. In the 52-week period, the stock have ranged between $4.01 and $13.15.

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