Deal Wrap: TA to exit Honan Insurance; OneRock Energy acquires Northwoods Energy

Deal Wrap is updated as of 4 p.m. ET.

– Permian Resources Corp., an oil and natural gas company, agreed to acquire Earthstone Energy Inc. from EnCap Investments LP and other shareholders in all-stock transaction valued at about $4.5 billion, inclusive of the energy company's net debt, according to S&P Global Market Intelligence data. Under the terms of the deal, each Earthstone common share will be exchanged for a fixed ratio of 1.446 Permian Resources common shares. Jefferies LLC and Morgan Stanley & Co. LLC are serving as co-lead financial advisers to Permian Resources, and Kirkland & Ellis LLP is acting as legal adviser. RBC Capital Markets LLC and Wells Fargo Securities LLC are serving as financial advisers to Earthstone, and Vinson & Elkins LLP is acting as legal adviser.

– Insurance broker and risk adviser Marsh LLC agreed to acquire 100% of the outstanding share capital of insurance broker Honan Insurance Group Pty. Ltd., including the 80% stake owned by TA Associates Management LP. The deal is expected to close later in 2023, subject to regulatory approvals.

– CEVA Logistics agreed to acquire 96% interest in Mumbai, India-based Stellar Value Chain Solutions Pvt. Ltd. from an affiliate of Warburg Pincus LLC and other shareholders. The deal includes Stellar's cold chain logistics capabilities.

– Pan Capital Management LP-owned OneRock Energy Holdings LLC completed the acquisition of Northwoods Energy LLC. Sellers include Apollo Global Management Inc., Apollo Investment Fund VIII LP and Apollo Natural Resources Partners II LP, according to S&P Global Market Intelligence data. Willkie Farr & Gallagher LLP served as legal adviser to OneRock.

For further private equity deals, read our latest In Play report, which looks at potential private equity-backed M&A, including rumored transactions, each week.