Diamondback Energy and Endeavor Energy Resources announce a definitive agreement under which the two oil and gas groups will merge in a transaction valued at approximately $26 billion, including Endeavor's net debt.

Consideration for the transaction will consist of approximately 117.3 million Diamondback shares and $8 billion in cash. Current Diamondback and Endeavor shareholders are expected to own approximately 60.5% and 39.5% of the combined entity, respectively.

The transaction, which will create a leading independent operator in the Permian Basin in the US, is expected to close in the fourth quarter of 2024, subject to satisfaction of customary closing conditions.

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