08:04 AM EST, 02/18/2025 (MT Newswires) -- Diamondback Energy ( FANG ) said Tuesday it has entered into a definitive purchase agreement to acquire certain Double Eagle IV Midco subsidiaries in exchange for about 6.9 million Diamondback common shares and $3 billion cash.

As part of the deal, Diamondback and Double Eagle have agreed to accelerate development of a portion of Diamondback's non-core southern Midland Basin acreage, Diamondback said.