Diamondback (FANG) has released an update.
Diamondback Energy, Inc. has announced a strategic merger with Endeavor, where it will initially acquire Endeavor, making it a wholly owned subsidiary, followed by a subsequent merger with its own subsidiary to solidify the acquisition. The transaction includes a cash consideration of $8.0 billion and the issuance of approximately 117.3 million shares of Diamondback Energy stock. The deal is subject to customary conditions, including stockholder approval and regulatory clearance. Upon completion, Endeavor equity holders will own roughly 39.5% of Diamondback common stock, and the board will expand to include members from both companies. The merger aims to create a stronger competitive entity in the energy sector.
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