07:52 AM EDT, 08/25/2025 (MT Newswires) -- Crescent Energy ( CRGY ) and Vital Energy ( VTLE ) have entered into a definitive agreement under which Crescent will acquire Vital for around $3.1 billion in an all-stock transaction, inclusive of Vital's net debt, the companies said Monday.

Under the terms of the agreement, Vital shareholders will receive 1.9062 shares of Crescent class A common stock for each Vital share. Crescent shareholders will own about 77% of the combined company, while Vital shareholders will own about 23%, according to a joint statement.

The transaction is expected to close by the end of the year, the companies said.

After the transaction closes, two directors to be designated by Vital will join the Crescent board, increasing the size to 12 members, while Crescent Chairman John Goff continue to serve as non-executive chairman and Crescent Chief Executive David Rockecharlie will retain his role, the companies added.

Shares of Crescent were down more than 4% in recent premarket activity Monday, while Vital Energy ( VTLE ) stock added more than 9%.