According to The Wall Street Journal, Diamondback Energy is reportedly in talks to acquire Double Eagle. Sources familiar with the situation suggest a formal deal announcement could be made in the upcoming days. Sources also noted the possibility that another potential buyer could still step in.
Texas-based Double Eagle owns over 95,000 net acres in the Midland basin, making it one of the largest assets in the Permian basin. Double Eagle is supported by private-equity firm EnCap Investments, and the acquisition would hold a value of more than $5 billion if the deal is finalized.
This article was originally posted at www.worldoil.com
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