Crescent Energy Company (NYSE: CRGY) has entered into a definitive agreement to acquire Eagle Ford assets from Devon Energy for an estimated net purchase price of approximately $3.85 billion, according to a company statement.

The acquired assets include approximately 68 thousand barrels of oil equivalent per day of net production and more than 600 Tier 1 net locations normalized to 10,000 feet. The assets are located adjacent to Crescent's existing operations in the Eagle Ford basin.

Crescent identified approximately $140 million in annual synergies across drilling and completion, lease operating expenses, and marketing.

The company plans to fund the transaction through a combination of cash on hand and a mix of debt and equity, depending on market conditions. Crescent has obtained financing commitments from JPMorgan Chase Bank, N.A. and RBC Capital Markets, LLC. KKR Capital Markets advised on the financing.

"This acquisition represents a significant step forward for Crescent, adding high-quality assets at an attractive valuation in the heart of one of our core operating areas," said David Rockecharlie, Chief Executive Officer of Crescent Energy.

The transaction is expected to close in the fourth quarter of 2026 or early 2027, subject to customary closing conditions.

Jefferies LLC and J.P. Morgan Securities LLC served as financial advisors to Crescent, with Latham & Watkins LLP and Vinson & Elkins LLP as legal counsel. RBC Capital Markets, LLC advised Devon Energy, and Kirkland & Ellis LLP served as its legal counsel.