Diamondback Energy to buy Endeavor in $26 billion deal to create a Permian drilling giant
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 Southwest United States
By AP News
Published - Feb 12, 2024, 06:36 AM ET
Last Updated - Feb 12, 2024, 08:51 AM EST
Diamondback Energy (FANG) will buy rival Endeavor Energy Resources (EDR) in a cash-and-stock deal valued at about $26 billion to create a drilling giant in the Southwest United States.
The transaction includes approximately 117.3 million shares of Diamondback common stock and $8 billion in cash.
Shareholders of Diamondback Energy Inc. are expected to own about 60.5% of the combined company, while Endeavor’s equity holders are anticipated to own approximately 39.5%.
It will be based in Midland, Texas.
