Diamondback Energy (FANG) is in talks to buy Double Eagle in a transaction potentially valuing the business at over $5 billion, The Wall Street Journal reported Friday, citing people familiar with the matter.
A deal could be announced in the coming days unless negotiations fail or another suitor comes along, according to the report.
Double Eagle, a Permian Basin producer with more than 95,000 net acres in the Midland Basin, is backed by private equity firm EnCap Investments.
Diamondback Energy, Double Eagle, and EnCap Investments did not immediately respond to requests for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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