Midland’s Diamondback Energy and Rattler Midstream said Monday they reached a merger agreement for Diamondback to acquire all publicly held common units in Rattler for $575 million in stock. The deal comes three years after the midstream partnership’s $765 million IPO. Each public unitholder of Rattler will receive 0.113 of a Diamondback common share for each of the 38.1 million common units of the partnership not already owned by Diamondback and its subsidiaries.
Travis Stice, CEO, said, “The energy landscape has transformed dramatically since Rattler was taken public in 2019, and we believe this agreement to merge companies is in the best interest of both Diamondback and Rattler stakeholders.”