Akin Gump Advises Diamondback Energy in $700 Million Drop-Down Transaction
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(Dallas) – Akin Gump advised Diamondback Energy in the signing of a definitive purchase agreement to sell certain mineral and royalty interests belonging to its subsidiaries to Viper Energy. In exchange, Diamondback will receive 18.3 million newly-issued Class B units of Viper, 18.3 million newly-issued units of Viper’s operating subsidiary and $150 million in cash, subject to certain adjustments.
Based on the volume weighted average sales price of Viper’s common units of $30.07 for the 10-trading day period ending July 26, the transaction is valued at $700 million. It is expected to close in the fourth quarter of 2019.
The Akin Gump team comprised oil and gas partner Michael Byrd, senior practice attorney Shane Sullivan and associate Katherine Raymond; corporate partners Seth Molay and Lisa Hearn and associate Allyson Li; and tax partners Alison Chen and Jocelyn Tau.
Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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