Diamondback Energy, Inc. (FANG), a prominent player in the oil and gas sector, announced on Friday the pricing of an enlarged underwritten secondary public offering, consisting of 12.77 million shares from certain Legacy Endeavor stockholders. This offering is expected to generate gross proceeds of approximately $2.2 billion.
Diamondback Energy will not benefit from the proceeds of this transaction, which is set to close on September 23.
Additionally, the share sellers have granted the underwriters a 30-day option to purchase up to an extra 1.615 million shares.
Furthermore, Diamondback Energy has committed to acquiring 2 million shares from the underwriters as part of its existing share repurchase program. This repurchase will be financed using the company's cash reserves.
