The estimated $187 million acquisition of Fort Worth-based PHX Minerals Inc. by WhiteHawk Income Corporation is about to be finalized this week.
WhiteHawk, a natural gas mineral and royalty company headquartered in Philadelphia, Pennsylvania announced that a majority of its outstanding shares of common stock, par value at $0.01666 per share were validly tendered and the other conditions to the tender offer were satisifed. The company explained it anticipates the acquisition of PHX to be consummated by WhiteHawk in accordance with, and subject to the terms of, the definitive agreement for the acquisition on Monday, June 23, 2025.
Computershare Trust Company, N.A., the depositary for the tender offer, has indicated that as of 12:00 Midnight, Eastern time, at the end of June 20, 2025, approximately 28,806,761 total Shares, or 73.7% of the total Shares issued and outstanding, have been tendered into and not properly withdrawn from the tender offer. This figure does not include 50,315 Shares tendered pursuant to the guaranteed delivery procedures set forth in the Offer to Purchase. When the 50,315 Shares tendered pursuant to the guaranteed delivery procedures are included in the results, approximately 28,857,076 total Shares, or 73.8% of the total Shares issued and outstanding, will have been tendered into and not properly withdrawn from the tender offer.
The acquisition of PHX Minerals was announced in May and was an all-cash transaction that valued PHX at $4.35 per share. It also included the natural gas and oil mineral company’s net debt. As a result, WhiteHawk added nearly 1.8 million acres of natural gas mineral and royalty assets. It significantly expanded the firm’s footprint in the core of the Haynesville Shale in East Texas/North Louisiana and diversifying its portfolio into the SCOOP/STACK region in Oklahoma.
The management team at WhiteHawk Energy has successfully grown over $13 billion of minerals, midstream, and exploration and development companies over the last 20 years. WhiteHawk Energy currently manages approximately 1,350,000 gross unit acres within core operating areas and with interests in more than 3,400 producing horizontal wells.