Vinson & Elkins Advises Sitio Royalties in $4.1 Billion All-Equity Merger with Viper Energy

Vinson & Elkins advised Sitio Royalties Corp. (NYSE: STR) (“Sitio”) in connection with the entry by Sitio into a definitive agreement with Viper Energy (Nasdaq: VNOM) (“Viper”) pursuant to which a subsidiary of Viper will acquire all outstanding shares of Sitio in an all-equity transaction through a series of mergers involving their respective subsidiaries.

The transaction is valued at approximately $4.1 billion, inclusive of Sitio’s net debt, based on Viper’s closing stock price on June 2, 2025. The transaction is expected to close as early as the third quarter of 2025, subject to the satisfaction of customary closing conditions.

The Vinson & Elkins team was led by partners Doug McWilliams, Benji Barron, Scott Rubinsky and associate Chase Browndorf, with assistance from associates Mimi Nguyen, Jack Kimmel, Ronnie Braxton, Hannah Avery, and Evan Rodgers. Also advising were partners Ryan Carney and Lina Dimachkieh and associates Keleigh Carver and Tripp Haskins; counsel Alex Lewis, senior associate Nate Richards and associate Lauren Perillo; partner Dario Mendoza, senior associate Brian DeShannon and associates Cassandra Zarate and Reagan McGinnis; partners Hill Wellford and Kara Kuritz and senior associate Adam Thomas; partner Dave Wicklund; and Jeff Crough.

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