Diamondback energy, inc. announces midland basin acquisition

Midland, texas, feb. 18, 2025 (globe newswire) -- diamondback energy, inc. (nasdaq: fang) (“diamondback” or “the company”) today announced that it has entered into a definitive purchase agreement to acquire certain subsidiaries of double eagle iv midco, llc (“double eagle”) in exchange for approximately 6.9 million shares of diamondback common stock and $3 billion of cash, subject to customary adjustments (the “double eagle acquisition”). 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 term loans and senior notes offerings.
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