Diamondback Energy to Acquire Rattler Midstream in $575 Million Roll-up

Diamondback Energy Inc. agreed on May 16 to acquire all the publicly held common units it doesn’t already own in Rattler Midstream LP in a $575.2 million roll-up roughly three years after Diamondback took its midstream subsidiary public.

Rattler Midstream is a Delaware limited partnership formed in July 2018 by Diamondback Energy to own, operate, develop and acquire midstream and energy-related infrastructure assets in the Midland and Delaware basins of the Permian, where Diamondback is focused.

“The energy landscape has transformed dramatically since Rattler was taken public in 2019, and we believe this agreement to merge companies is in the best interests of both Diamondback and Rattler stakeholders,” Travis Stice, CEO of Diamondback and of the general partner of Rattler, commented in a company release on May 16.