Akin Advises Viper Energy in its $1.3 Billion Common Stock Offering
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(Houston/Dallas) – Akin advised Viper Energy Inc., a subsidiary of Diamondback Energy, Inc., in its underwritten public offering of 28,336,000 shares of its Class A common stock at a price to the public of $44.50 per share, including full exercise of the underwriters’ overallotment option. Net proceeds to Viper from the sale, after the underwriting discount and estimated offering expenses, were approximately $1.2 billion.
Viper intends to use the net proceeds from the primary offering to fund the cash consideration for the previously announced pending acquisition of all the equity interests of certain mineral and royalty-interest owning subsidiaries of Viper’s parent, Diamondback Energy, if it closes. If that transaction does not close, Viper will use the net proceeds for general corporate purposes.
The Akin team was led by corporate partner John Goodgame and senior counsel Irina Maistrenko, and included associates Travis Ewing and Andrea Cabada. Additional support was provided by tax partner Alison Chen and corporate partner Shar Ahmed.
Akin is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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