Permian Basin Royalty Trust Receives SoftVest 13D for Proposed Merger
Permian Basin Royalty Trust announced it received a Schedule 13D from SoftVest, L.P. and other parties regarding a proposed business combination. SoftVest and Blackbeard Holdings, LLC have agreed to a preliminary non-binding term sheet to combine the Trust with certain Blackbeard assets. The proposal involves forming a new corporation, New PubCo, which would acquire all Trust assets and operations, along with US Land Guild, LLC, a Blackbeard subsidiary. The Trust and its Trustee were not involved in negotiating the term sheet and are providing this information for unitholders, noting that the combination would likely require unitholder approval.
Key Highlights
- Permian Basin Royalty Trust received a Schedule 13D from SoftVest, L.P. regarding a proposed business combination.
- SoftVest and Blackbeard Holdings, LLC agreed to a preliminary non-binding term sheet for the combination.
- The proposal involves forming a new corporation (New PubCo) owned by Trust unitholders and Blackbeard affiliates.
- New PubCo would acquire all Trust assets and operations, and US Land Guild, LLC (a Blackbeard subsidiary).
- USLG owns approximately 66,500 acres of surface estate and a 15% royalty interest.
- Blackbeard would receive certain working interests from the Trust after converting net profits interests to a 15% royalty.
- The proposed business combination would require approval from a majority in interest of Trust unitholders.
- The Trust and Trustee did not participate in negotiating the term sheet and are providing information only.
Price Impact
More from PBT
Permian Basin Royalty Trust Amends 2025 10-K Disclosures
Permian Basin Royalty Trust Declares $0.020355/Unit Distribution; Indenture Modified
Permian Basin Royalty Trust Indenture Modified; Q1 Distributable Income $3.03M