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Diamondback Energy (NASDAQ:FANG) and closely held Endeavor Energy Resources are close to an agreement that would combine two Permian Basin rivals and create a company valued at more than $50 billion.
Diamondback (FANG) may announce a deal as soon as Monday, according to a WSJ report on Sunday, which cited people familiar with the matter.
The stock-and-cash transaction would value Endeavor at around $25 billion, and Diamondback (FANG) shareholders would own the majority of the combined entity after the deal closes, the WSJ reported. Diamondback has a market cap of about $27 billion.
Diamondback (FANG) took on competition from ConocoPhillips (COP) and others in its quest to buy Endeavor, according to the report.
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