OtherJul 27, 2026Pending
🇺🇸 United States
ULUS Land Guild (Blackbeard Holdings, LLC affiliates)PBPermian Basin Royalty Trust
Energy › Oil & Gas Production
Enterprise value$2.2BEnterprise value
AnnouncedJul 27, 2026
ConsiderationStock
StructureOther
RegionNorth America
Cross-borderNo
Contingent paymentNo
Overview
SoftVest and Blackbeard entered into a definitive Combination Agreement to combine Permian Basin Royalty Trust with Blackbeard's US Land Guild minerals and surface assets into a new Up-C company, PBT Land and Minerals, Inc., in a combination valued at about $2.2 billion. PBT unitholders would own about 59% and Blackbeard and affiliates about 41% of the combined company.
Deal rationale
The combination converts the Trust into a scaled, operator-aligned land and minerals corporation with surface and mineral ownership, an improved corporate structure and stronger free cash flow and governance.
AI-generated from the SEC filingPendingEnergy › Oil & Gas ProductionUnited StatesNorth America
Timeline
Valuation and terms
| Equity value | Undisclosed | |
|---|---|---|
| Enterprise value | $2.2B | Headline figure |
| Consideration | Stock |
Advisors
Buy-side
SStephens Inc.
Sell-side
JPJ.P. MorganRCRBC Capital Markets
Parties
Target
ULUS Land Guild (Blackbeard Holdings, LLC affiliates)
- Headquarters
- United States
- Ticker
- PBT
Seller
BNBlackbeard Holdings, LLC / NGP Energy Capital Management
- Headquarters
- —
- Ticker
- —