California Resources Corporation to Acquire Berry in $717M All-Stock Merger

California Resources Corporation (CRC) will acquire Berry Corporation in an all-stock transaction valued at about $717 million, including Berry’s net debt, the companies announced on Sept. 15. 

Under the agreement, Berry shareholders will receive 0.0718 shares of CRC stock for each Berry share, representing a 15% premium based on Sept. 12 closing prices. Once completed, CRC shareholders will own roughly 94% of the combined company. The transaction has been unanimously approved by both boards and is expected to close in the first quarter of 2026, pending regulatory and shareholder approvals.

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