Diamondback energy, inc. announces northern midland basin acquisition

Midland, texas, nov. 16, 2022 (globe newswire) -- diamondback energy, inc. (nasdaq: fang) (“diamondback” or “the company”) today announced that it has entered into a definitive purchase agreement to acquire all leasehold interest and related assets of lario permian, llc, a wholly owned subsidiary of lario oil & gas company, and certain associated sellers (collectively “lario”) in exchange for 4.18 million shares of diamondback common stock and $850 million of cash. the cash portion of this transaction is expected to be funded through a combination of cash on hand, borrowings under the company's credit facility and/or proceeds from a senior notes offering. the cash outlay at closing is expected to be approximately $775 million due to the expected free cash flow to be generated by the acquired assets between the effective date and the closing date, which is expected to be january 31, 2023.
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