Diamondback Energy to buy Endeavor in $26 billion deal creating a drilling giant in Southwestern US
==========
Diamondback Energy will buy rival Endeavor Energy Resources in a cash-and-stock deal valued at about $26 billion to create a drilling giant in the Southwestern United States. Diamondback and Endeavor combined will oversee 838,000 acres and can produce 816,000 oil-equivalent barrels each day. The deal includes approximately 117.3 million shares of Diamondback common stock and $8 billion in cash. Shareholders of Diamondback Energy Inc. will own about 60.5% of the combined company, while Endeavor’s equity holders would own approximately 39.5%. The combined company will be based in Midland, Texas. The boards of both companies have approved the deal, which is expected to close in the fourth quarter.
#DiamondbackEnergy #EndeavorEnergyResources #MergersAndAcquisitions #SouthwesternUs #PermianBasin