Warburg Said to Weigh $2.5 Billion Sale of Citizen Energy (1)

Warburg Pincus is seeking a buyer for Citizen Energy, a mid-continent-focused oil and gas explorer that could fetch close to $2.5 billion, people familiar with the matter said.

The private equity firm is in the final stages of a sales process for Citizen, and a deal could be announced in the coming weeks, according to the people. Citizen has drawn interest from suitors including an affiliate of Elliott Investment Management, the hedge fund run by Paul Singer, they said.

Deliberations are ongoing and there’s no certainty they’ll lead to a transaction, the people said, asking not to ...