5/16, 1:08 PM (Source: TeleTrader)
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Diamondback to buy Rattler Midstream in $2.2B deal

Diamondback Energy Inc. announced on Monday it is acquiring all of Rattler Midstream LP's publicly held common shares it does not already own in an all-stock deal worth around $2.2 billion. Diamondback will offer 0.113 of its share for every Rattler share, a premium of 17.3%.

"The energy landscape has transformed dramatically since Rattler was taken public in 2019, and we believe this agreement to merge companies is in the best interests of both Diamondback and Rattler stakeholders," Diamondback CEO Travis Stice said."This merger will allow both companies to benefit from the simplicity and scale of the combined entity going forward."

Rattler stock soared 15.18% after the acquisition announcement.

Baha Breaking News (BBN) / DJ