Akin Gump Advises Diamondback Energy on Pair of Deals

(Dallas) – Akin Gump advised Diamondback Energy on a pair of transactions announced on July 21.

In one, Diamondback priced an underwritten public offering of five million shares of its common stock at a price to the public of $87 per share. The underwriters have an option to purchase up to an additional 750,000 shares of common stock from Diamondback at the public offering price (less the underwriting discount). Net proceeds to Diamondback, after the underwriting discount and estimated offering expenses, will be approximately $421.7 million or approximately $484.9 million if the underwriters’ option is exercised in full.

In the other transaction, Diamondback announced it had entered into a definitive purchase agreement with unrelated third party sellers to acquire additional leasehold interests in the Midland Basin for an aggregate purchase price of approximately $538 million, subject to certain adjustments. Upon completion, the acquisition will provide Diamondback with primarily operated leasehold interests, the majority of which are located in Texas’ Midland and western Glasscock counties.

Seth Molay, a partner in Akin Gump’s corporate practice, was responsible for the firm’s representation on both transactions. Those assisting on the offering team included corporate senior counsel Irina Maistrenko and corporate associates Ben Morgan and Lech Wilkiewicz. The purchase agreement team was led by oil and gas partner Michael Byrd with assistance from oil and gas counsel Cody Carper and oil and gas associate Rahul Vashi.

Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 850 attorneys in offices throughout the United States, Europe, Asia and the Middle East.

# # #