04:33 PM EDT, 04/26/2024 (MT Newswires) -- Diamondback Energy ( FANG ) late Friday said shareholders have approved a proposal authorizing the issuance of common shares to fund a portion of its proposed acquisition of privately held Endeavor Energy Resources.

Investors also approved a resolution to increase its existing cap on authorized shares.

Diamondback announced plans in February to acquire Endeavor in a stock-and-cash transaction, valued at $26 billion, including debt. The stock portion of the deal consists of around 117.3 million shares, while the company will also pay $8 billion in cash, subject to regulatory approval.