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Monday it will buy its privately held competitor Endeavor Energy in an agreement valuing the latter at roughly $26 billion, the latest massive energy deal amid an otherwise quiet time for dealmaking.Diamondback’s offer of roughly $17.8 billion worth of its publicly traded stock at Friday’s closing share price and $8 billion in cash will result in a newly formed company owned about 60.5% by existing Diamondback shareholders and 39.5% by Endeavor shareholders, according to the companies.
The boom in energy mergers and acquisitions in energy comes during a muted stretch for the space: Last year’s $3.2 trillion in M&A activity made 2023 the quietest year for M&A since 2013, a massive 47% decline from 2021’s record $6 trillion in M&A transactions.
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