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EQV Ventures Acquisition Corp. (NYSE: EQV) has filed a Form S-4 registration statement with the SEC for its proposed business combination with Presidio Investment Holdings (PIH). The merger will create Presidio Production Company, which will be listed on NYSE under ticker "FTW".
The transaction, expected to close in Q4 2025, values Presidio Production at a pro forma enterprise value of $660 million. The combined company will operate as a dividend-yield driven C Corp, focusing on optimizing mature oil and natural gas assets in the United States. Notably, Presidio Production's business model features zero reliance on future drilling and minimal capital investment, positioning it for substantial free cash flow generation.
Presidio Investment Holdings (NYSE: EQVU) announced a business combination with EQV Ventures Acquisition Corp. to create Presidio Production Company, which will trade on NYSE as "FTW". The transaction values the company at an enterprise value of approximately $660 million.
The new company will focus on optimizing mature oil and gas assets with expected net production of 26 Mboe/d in 2025 across over 2,000 operated wells in Texas, Oklahoma, and Kansas. Key features include a planned $1.35/share annual dividend (13.5% yield), 78% hedged production through 2027, and an 8% base decline rate.
The transaction includes $970 million in capital, comprising $65 million rollover equity, $85 million PIPE investment, $125 million Series A Preferred Equity, $50 million loan commitment, $279 million investment grade debt, and approximately $360 million trust cash.