Akin Gump Advises Diamondback Energy in $9.2 Billion Acquisition of Energen Corporation

August 14, 2018

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Jacinta O'Shea-Ramdeholl

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Scott Wasserman

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(Dallas) – Diamondback Energy, Inc. and Energen Corporation today announced that they have entered into a definitive agreement under which Diamondback will acquire Energen in an all-stock transaction valued at approximately $9.2 billion, including Energen’s net debt of $830 million as of June 30. Akin Gump advised Diamondback in the transaction.

The consideration will consist of 0.6442 shares of Diamondback common stock for each share of Energen common stock, representing an implied value to each Energen shareholder of $84.95 per share based on the closing price of Diamondback common stock on August 13, 2018. The transaction was unanimously approved by the board of directors of each company and is expected to be completed by the end of the fourth quarter of 2018, subject to the approval of both Diamondback and Energen shareholders, the satisfaction of certain regulatory approvals and other customary closing conditions.

Akin Gump corporate partners Seth Molay, Jeffrey Kochian and Matt Zmigrosky led the team advising Diamondback. They were joined by associates Brittany Harrison, Christopher Kunz, Vicken Antounian and Victoria Chu, all of the corporate practice.

Also involved were the following individuals, with their respective practices:

  • Partner Robin Schachter, executive compensation and employee benefits
  • Partner Ron Nardini, tax
  • Partner David Quigley and senior counsel Andrew Oelz, environment and natural resources
  • Partner Alan Laves and associate Kathryn Betts, corporate
  • Partner Michael Byrd, counsel Stephen Boone and senior practice attorney Shane Sullivan oil and gas
  • Partner Lauren Leyden and associate Dustin Stark, labor and employment

Founded in 1945, Akin Gump Strauss Hauer & Feld LLP 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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