FINANCIAL ADVISOR
WhiteHawk Income Corporation
M&A Advisory
Has Agreed To Acquire
Transaction Details
On May 8, 2025, WhiteHawk Income Corporation (together with WhiteHawk Energy, LLC and their respective subsidiaries, “WhiteHawk” or the “Company”), a natural gas mineral and royalty company, and PHX Minerals Inc. (NYSE: PHX) announced they have entered into a definitive agreement under which WhiteHawk will acquire PHX in an all-cash transaction that values PHX at $4.35 per share, or total value of approximately $187 million, including PHX’s net debt. Through the transaction, WhiteHawk will add approximately 1.8 million gross unit acres of premier natural gas mineral and royalty assets, significantly expanding its footprint in the core of the Haynesville Shale in East Texas / North Louisiana and diversifying its portfolio into the SCOOP / STACK region in Oklahoma.
Under the terms of the agreement, a subsidiary of WhiteHawk will commence a cash tender offer (the “Offer”) to acquire all outstanding shares of common stock of PHX for a purchase price of $4.35 per share of common stock, net to the holder thereof, in cash, without interest thereon and subject to any applicable tax withholding. As soon as practicable following the successful completion of the Offer, WhiteHawk will acquire all shares not acquired in the tender through a second-step merger for the same consideration per share paid in the Offer.
About the company
WhiteHawk Energy, LLC
WhiteHawk Energy, LLC is focused on acquiring mineral and royalty interests in top-tier natural gas resource plays, including the Marcellus Shale and Haynesville Shale. 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 of the Marcellus Shale and Haynesville Shale, with interests in more than 3,400 producing horizontal wells.
PHX Minerals Inc.
PHX Minerals is a natural gas and oil mineral company with a strategy to proactively grow its mineral position in its core focus areas. PHX owns mineral acreage principally located in Oklahoma, Texas, Louisiana, North Dakota and Arkansas.
Sources: Company Materials.
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