This record is sourced from an Exhibit 99.1 press release furnished with Diamondback's Form 8-K filed February 18, 2025. At announcement, the transaction was a signed definitive agreement pending customary closing conditions and regulatory approval, with closing expected on April 1, 2025.
TPH&Co, the energy business of Perella Weinberg Partners, served as financial advisor to Diamondback, the acquirer, per the release's statement "TPH&Co, the energy business of Perella Weinberg Partners, is serving as financial advisor to Diamondback." On the seller side, RBC Capital Markets, Goldman Sachs & Co. LLC, and J.P. Morgan Securities LLC jointly acted as financial advisors to Double Eagle, per "RBC Capital Markets, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are acting as financial advisors to Double Eagle." No lead designation is given among the three Double Eagle advisors, and TPH&Co was Diamondback's sole named advisor.
On the legal side, Kirkland & Ellis LLP represented Diamondback, and Vinson & Elkins LLP represented Double Eagle.
The release states the transaction is valued at approximately 5.2 times 2025 EBITDA, and that Diamondback separately committed to selling at least $1.5 billion of non-core assets to accelerate debt reduction; Diamondback and Double Eagle also agreed to accelerate development on a portion of Diamondback's non-core southern Midland Basin acreage as part of the deal.
Not disclosed in the sourced document is the aggregate dollar value of the 6.9 million Diamondback shares issued as part of the consideration (only the share count and separate $3 billion cash figure are given, with no combined total dollar amount stated), nor Double Eagle's ownership structure beyond its parent entity name.