Press Release

Kirkland Advises Diamondback Energy on its Northern Midland Basin Acquisition

Kirkland & Ellis counseled Diamondback Energy, Inc. (NASDAQ: FANG) on its definitive purchase agreement to acquire all leasehold interest and related assets of Lario Permian, LLC and certain associated sellers (collectively Lario) in exchange for 4.18 million shares of Diamondback common stock and $850 million of cash. The cash portion of this transaction is expected to be funded through a combination of cash on hand, borrowings under the company’s credit facility and/or proceeds from a senior notes offering. The cash outlay at closing is expected to be approximately $775 million due to the expected Free Cash Flow to be generated on the asset between the effective date and the closing date, which is expected to be January 31, 2023.

Read Diamondback’s press release

The Kirkland team was led by real asset M&A partners Anthony Speier, Chris Heasley and Fraser Wayne and associates Jarrod Gamble and Lauren Stelck; corporate M&A partner Sean Wheeler; capital markets partners Michael Rigdon and Billy Vranish; tax partners David Wheat and Joe Tobias; environmental transactions partners Jon Kidwell and Jennifer Cornejo; antitrust partner Carla Hine; executive compensation partner Rob Fowler; and labor & employment partner Christie Alcala.