OKLAHOMA CITY, Feb. 24, 2022 (GLOBE NEWSWIRE) -- Echo Investment Capital’s affiliate, Echo Minerals, announces its agreement to sell mineral and royalty interests to Austin, Texas-based Brigham Minerals, Inc. (NYSE: MNRL) for a total value of $32.5 million. Echo is a multi-strategy firm spanning life sciences, media and entertainment, real estate, and energy.
“Echo Minerals is thrilled to come to an agreement to sell a portion of our Permian mineral portfolio to the Brigham team,” said Christian Kanady, founder and CEO of Echo Investment Capital. “They are an exceptional organization, and we are excited to share in their future value creation as new shareholders.”
The sale involves approximately 1,800 net royalty acres in Texas’s Midland Basin largely operated by Pioneer Natural Resources and Endeavor Energy Resources, and represents less than 3% of Echo’s mineral portfolio. Proceeds from the sale are approximately $15 million in cash, and 800,000 shares of Class A common stock of Brigham. Law firm Kirkland & Ellis, LLP is advising Echo on the sale transaction. The anticipated close will be early-to-mid April 2022.
ABOUT ECHO
Echo Investment Capital is an Oklahoma City-based investment firm with a multi-disciplinary team of strategic investors and operators funding innovation and cutting-edge companies across industries. Echo connects often-overlooked infrastructure with globally sourced ideas, talent and capital to build a better, bolder future for the community and the world. By bringing together forward-looking ideas and sophisticated capital, Echo aims to generate exceptional returns and differentiated value for investors and its portfolio.
