Diamondback Energy Closes $4.1B Double Eagle IV Acquisition
Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
4100BB
Description
Diamondback Energy Inc. closed on its approximately $4.1 billion cash-and-stock deal to buy EnCap Investments-backed Double Eagle IV, the E&P said April 1.
Diamondback paid $3 billion in cash and approximately 6.9 million shares of common stock for the interests in Double Eagle, according to the deal’s first announcement on Feb. 18. Diamondback stock closed Feb. 14 at $156.99 per share.
The deal to buy the equity interest of certain Midland Basin subsidiaries from Double Eagle IV Midco LLC adds approximately 40,000 net acres in the Midland Basin to its portfolio. The assets have an estimated production of about 27,000 bbl/d (69% oil).