OKLAHOMA CITY--(BUSINESS WIRE)--Echo announced a major milestone with completion of an asset sale by its affiliate Echo Minerals totaling more than half a billion dollars. The transaction with Sixth Street Partners involved the sale of a portion of Echo’s net royalty acres in the Permian and Anadarko basins.
"The significant sale of our world-class mineral asset marks the start of a new era for Echo,” said Christian Kanady, Founding Partner and CEO of Echo. “While energy remains a core focus of our strategy, we look forward to unlocking and advancing American innovation by making transformative investments in high-growth industries going through massive technological disruption.”
This transaction follows a 3 percent divestiture of Echo’s mineral and royalty portfolio valued at $35.4 million in early 2022. Endeavor Resources and Pioneer Natural Resources, which completed a sale to ExxonMobil last month, were the primary operators in the area.
"Acquiring this premier acreage in the prolific Permian and Anadarko Basins is a continuation of our focus on growing our mineral and royalty platform," said Zack Winegrad, Partner at Sixth Street. "We commend Echo for its visionary growth of minerals and royalty holdings in promising acreage with proven production."
With proceeds from the transaction, Echo will further fuel its investments in projects and enterprises renewing and advancing American innovation and resiliency in such industries as energy, life science, national security, and media & entertainment.
Throughout negotiations on the milestone transaction, Echo’s representation included Evercore Inc., as the sole financial adviser and law firm Kirkland & Ellis, LLP, as legal counsel. White & Case LLP represented and provided buyer counsel to Sixth Street.
About Echo
Headquartered in the Ziggurat building overlooking Kerr Park in downtown Oklahoma City and founded by Christian Kanady in 2010, Echo is a multi-strategy investment firm that connects overlooked domestic resources and infrastructure with world-class founders, ideas, and capital to generate exceptional financial and social returns.
Strategically blending venture, private equity, and impact, Echo invests across energy, life science, national security, and media & entertainment. Echo is the leading investor in enterprises such as Wheeler Bio and Prairie Surf and manages a growing portfolio of investments in innovative companies creating disruption across industries. The firm’s private equity holdings include a real estate portfolio of landmark commercial properties across emerging U.S. urban markets as well as a significant oil and gas royalty portfolio across the Permian and Anadarko basins.
Learn more at echo.global.
