Double Eagle IV Midco, LLC has entered into a definitive purchase agreement to divest its equity interest in certain subsidiaries to Diamondback Energy, Inc. The deal is worth $3 billion in cash and approximately 6.9 million shares of Diamondback common stock.
The transaction, expected to close on April 1, 2025, is seen as a strategic move for both companies. Double Eagle’s management team, led by Co-Chief Executive Officers Cody Campbell and John Sellers, expressed confidence in the deal, stating that it will allow them to maintain stewardship of the assets with Diamondback, a leading public operator in the Midland Basin.
The partnership between Double Eagle and Diamondback is supported by investors, including EnCap Investments L.P. Partner Kyle Kafka, who praised the companies’ shared values and commitment to community impact in West Texas.
The sale marks another successful outcome for Double Eagle, which was formed in 2022 with equity capital commitments from strategic institutional investors. The company focuses on development and production in the Permian Basin, a key region for the US energy industry.
Diamondback Energy is a leading public operator in the Midland Basin, making this acquisition a natural fit for the company. With the deal, Diamondback gains access to Double Eagle’s high-quality asset base, further increasing its inventory of assets.
Source: https://www.businesswire.com/news/home/20250218127318/en/Double-Eagle-IV-Midco-LLC-Enters-Into-Definitive-Purchase-Agreement-With-Diamondback-Energy-Inc