Kirkland & Ellis advises Diamondback Energy, Inc. on $3 billion acquisition of Double Eagle IV Midco, LLC

Diamondback Energy, Inc. is the acquirer in this transaction, buying certain subsidiaries of Double Eagle IV Midco, LLC.
The consideration is approximately 6.9 million Diamondback common shares plus US$3 billion in cash, subject to customary adjustments.
Diamondback and Double Eagle also agreed to accelerate development on part of Diamondback's non-core southern Midland Basin acreage, and Diamondback expects to close the deal on April 1, 2025, subject to customary closing conditions and regulatory approval.

Double Eagle IV MidCo, LLC is a subsidiary of Double Eagle Energy Holdings IV, LLC and is a private company backed by EnCap Investments L.P.
Under the definitive agreement, Double Eagle will sell certain subsidiaries and assets to Diamondback E&P LLC for approximately 6.9 million Diamondback shares plus US$3 billion in cash, subject to customary adjustments.
The transaction is targeted to close in Q2 2025, subject to customary closing conditions, and the parties also agreed to accelerate development on part of Diamondback's non-core southern Midland Basin acreage.

Diamondback Energy, Inc. is the acquirer in this transaction, buying certain subsidiaries of Double Eagle IV Midco, LLC.
The consideration is approximately 6.9 million Diamondback common shares plus US$3 billion in cash, subject to customary adjustments.
Diamondback and Double Eagle also agreed to accelerate development on part of Diamondback's non-core southern Midland Basin acreage, and Diamondback expects to close the deal on April 1, 2025, subject to customary closing conditions and regulatory approval.

Double Eagle IV MidCo, LLC is a subsidiary of Double Eagle Energy Holdings IV, LLC and is a private company backed by EnCap Investments L.P.
Under the definitive agreement, Double Eagle will sell certain subsidiaries and assets to Diamondback E&P LLC for approximately 6.9 million Diamondback shares plus US$3 billion in cash, subject to customary adjustments.
The transaction is targeted to close in Q2 2025, subject to customary closing conditions, and the parties also agreed to accelerate development on part of Diamondback's non-core southern Midland Basin acreage.

Deal Overview