Kimbell To Acquire Mineral And Royalty Interests Held By Haymaker - Quick Facts

(RTTNews) - Kimbell Royalty Partners, LP (KRP) announced it has agreed to acquire the mineral and royalty interests held by Houston-based Haymaker Minerals & Royalties, LLC and Haymaker Resources, LP in a transaction valued at approximately $404 million. The purchase price for the acquisition is comprised of $210 million in cash and 10 million common units of Kimbell, valued at approximately $194 million. The effective date of the acquisition is April 1, 2018.

Following the closing of the acquisition, Haymaker's private equity sponsors, KKR & Co. L.P. and Kayne Anderson Capital Advisors, along with Haymaker management, will collectively own approximately 37% of the then outstanding common units of Kimbell.

Following the closing, Kimbell will have an 11.1 million gross acre position with a total of 73 active rigs on its properties, which represents 7% of total active rigs in the U.S. In addition, 95% of all rigs in the Lower 48 are located in counties where Kimbell will hold mineral interest positions.