SoftVest and Blackbeard Sign Definitive Agreement for $2.2 Billion Combination of Permian Basin Royalty Trust and US Land Guild
SoftVest and Blackbeard Holdings signed a definitive agreement to combine Permian Basin Royalty Trust (PBT) and US Land Guild into a new C-Corp called PBT Land and Minerals, valued at approximately $2.2 billion. The new company will consolidate 111,000 net royalty acres and 68,000 surface acres in the Central Basin Platform, with PBT unitholders owning approximately 59% of the combined entity. The trust’s existing Net Profits Interest in Waddell Ranch will be converted into a cost-free ~15% effective royalty interest.
Key figures
- Deal Value Usd
- 2200000000
- Surface acres
- 68000
- Exchange ratio
- 1:1
- Net royalty acres
- 111000
- Rights offering size
- 120000000
- Credit facility amount
- 500000000
- Pro forma leverage ratio
- <0.4x
- Credit facility accordion
- 100000000
- Pro forma ownership blackbeard
- 41%
- Pro forma adjusted ebitda margin
- 90%
- Pro forma fy 2025 adjusted ebitda
- 127189000
- Pro forma q1 2026 adjusted ebitda
- 38616000
- Pro forma ownership pbt unitholders
- 59%
- Waddell ranch effective royalty interest
- 15%
AI analysis
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