Diamondback Energy (FANG) entered an agreement to sell certain mineral and royalty-interests owning subsidiaries to its publicly-listed subsidiary Viper Energy (VNOM) for $1 billion in cash and about 69.6 million units of Viper's operating subsidiary Viper Energy Partners, Viper said Thursday.
Viper expects to fund the cash portion of this transaction through a combination of cash on hand, borrowings under its credit facility, and proceeds from one or more capital markets transactions.
Viper also entered an agreement to acquire certain mineral and royalty interests from Morita Ranches Minerals in exchange for approximately $211 million in cash and approximately 2.4 million Viper Energy Partners units.
The cash portion of this transaction will be funded through cash on hand and borrowings under a credit facility.
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