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Endeavor Energy Resources and Diamondback Energy to Combine in $26 Billion Deal
- Client News
- February 12, 2024
Paul, Weiss is advising Endeavor Energy Resources, L.P., one of the largest private operators in the U.S., in its combination with Diamondback Energy, Inc. in a cash-and-stock transaction valued at approximately $26 billion, inclusive of Endeavor’s net debt. The combination will bring together two industry-leading Permian Basin oil and gas companies to create a premier independent operator with best-in-class inventory.
Upon closing, Diamondback’s existing stockholders are expected to own approximately 60.5% of the combined company and Endeavor’s equity holders are expected to own approximately 39.5% of the combined company. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions and approvals.
The Paul, Weiss team is led by Krishna Veeraraghavan, Benjamin Goodchild and Alexia Yang and includes corporate partners Kyle Seifried, Caith Kushner, Christodoulos Kaoutzanis, Manuel Frey, Aaron Schlaphoff and John Kennedy, and counsel Todd Hahn and Patricia Vaz de Almeida; tax partners Brian Krause, Anne McGinnis and Jeffrey Samuels; executive compensation partners Andrea Wahlquist Brown and Jean McLoughlin; personal representation partner Alan Halperin and counsel Zoey Orol; litigation partners Scott Sher, Joshua Soven, Andre Bouchard and Geoffrey Chepiga; and intellectual property & technology transactions partner Jonathan Ashtor.