Jefferies Financial Group Inc. completed the Spin-Off of 94.37% stake in Vitesse Energy, Inc..
January 12, 2023
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Jefferies Financial Group Inc. (NYSE:JEF) announced to spin off 94.37% stake in Vitesse Energy, LLC on July 19, 2022. Jefferies Financial Group Inc. (NYSE:JEF) entered into definitive agreement to spin off 94.37% stake in Vitesse Energy, LLC on January 13, 2023. Jefferies Financial Group Inc. will distribute shares on pro-rata basis to its shareholders. As per the transaction, for every 8.49668 shares of Jefferies common stock shareholders are entitled to receive one share of Vitesse common stock. Post completion, Vitesse Energy, LLC will operate as standalone Public entity named as Vitesse Energy, Inc. In related transactions, Jefferies has agreed to sell Idaho Timber in two transactions at a combined sale price of $239 million. The record date of the transaction is December 27, 2022. The transaction is subject to Jefferies Board, listing on the NYSE or another national securities exchange approved by Jefferies and completion of Pre-Spin-Off Transactions. Transaction is expected to be completed before the end of 2022. An amount of $7.9 million was incurred as the transaction costs for the Spin-Off transaction. Jefferies LLC acted as financial advisor to Jefferies Financial Group. Morgan, Lewis & Bockius LLP provided legal counsel to Jefferies Financial Group.
Jefferies Financial Group Inc. completed the Spin-Off of 94.37% stake in Vitesse Energy, Inc. (NYSE:VTS) on January 13, 2023.
Vitesse Energy, Inc. is an independent energy company. The Company is engaged in the acquisition, development and production of non-operated oil and natural gas properties in the United States that are generally operated by oil companies and are primarily in the Williston Basin of North Dakota and Montana. It also has properties in the Central Rockies, including the Denver-Julesburg Basin and the Powder River Basin. It owns a working interest in over 5,734 gross productive wells and royalty interests in an additional 1,140 productive wells. It also owns working interests in a 224 gross wells, and an additional 363 gross wells that have been permitted for development by its operating partners. Its property in Williston Basin stretches from western North Dakota into eastern Montana. Its property in Denver-Julesburg Basin is located in Northeast Colorado and Southeast Wyoming. Its property in Powder River Basin assets primarily target the Parkman, Sussex, Turner and Niobrara formations.
VITESSE ENERGY, INC. 
