Diamondback Energy has announced a definitive agreement to acquire subsidiaries of Double Eagle IV Midco, marking an expansion in the Midland Basin, US. The assets being acquired encompass around 40,000 net acres in the Midland Basin's core and are expected to produce 27,

The oil and natural gas company reached an agreement with Double Eagle in exchange for 6.9 million shares of its common stock and $3 billion in cash.

Diamondback Energy, Inc. (FANG) shares traded nearly 1% higher in Tuesday’s pre-market session after the company said it will acquire certain Double Eagle IV Midco subsidiaries in a cash-and-stock deal expected to close on April 1.