California Resources Corporation Announces All-Stock Combination with Berry Corporation
Vinson & Elkins advised Berry Corporation (bry) (NASDAQ: BRY) (“Berry”) in its entry into a definitive agreement with California Resources Corporation (NYSE: CRC) (“CRC”) pursuant to which CRC will acquire Berry in an all-stock transaction valued at approximately $717 million, inclusive of Berry’s net debt.
The agreement was signed on September 14, 2025, and is expected to close in the first quarter of 2026, subject to the satisfaction of customary closing conditions.
The Vinson & Elkins team was led by partner Lande Spottswood and counsel Sang Lee, with assistance from associates Griff Kimball, Mimi Nguyen, Graham Buck, and Will Sladic. Also advising were partner John Grand, senior associate Alex Turner, and associates Nick Wetzeler and Taylor Santori; partners David Peck and Jason McIntosh, counsel Allyson Seger and associates Keleigh Carver and Paige Melton; partner Shane Tucker, counsel Missy Spohn, and associate Henry Crowell; partner Becky Baker, counsel Phileda Tennant, and senior associate Peter Goetschel; partner David Wicklund; partner Jeffrey Jakubiak; partner Jennifer Cornejo and associates Alyssa Sieja and Justine Jia; counsel Rajesh Patel and senior associate Haley Titcomb; counsel Ken Adler; partner Fry Wernick, counsel Brian Howard and senior associate Pete Thomas; partner Joyce Adetutu; partners Hill Wellford and Evan Miller and associate Rami Rashmawi; and partner Jeff Crough.
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