Diamondback Boosts Midland Basin Presence With $4-Billion Acquisition

Diamondback Energy, Inc. (NASDAQ: FANG) on Tuesday announced a deal to buy Double Eagle IV Midco in an acquisition valued at about $4 billion, which gives the buyer increased presence in the Midland Basin in the top-oil producing U.S. formation, the Permian. Diamondback Energy has signed a definitive purchase agreement to buy certain subsidiaries of Double Eagle IV Midco, LLC in exchange for approximately 6.

9 million shares of Diamondback common stock and $3 billion of cash, the company said, confirming earlier reports of the acquisition. “Double…