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Investing.com -- Diamondback (NASDAQ:FANG) Energy, a Texas-based company, is reportedly in discussions to acquire Double Eagle. A formal announcement could be made in the upcoming days, according to the Wall Street Journal, citing insiders familiar with the situation. It's also plausible that another potential buyer could step in.
Double Eagle, a company supported by the private-equity firm EnCap Investments, could have a value exceeding $5 billion if the transaction proceeds. The Fort Worth-based company owns over 95,000 net acres in the Midland Basin, making it one of the remaining large assets in the Permian Basin, which is the biggest oil field in the U.S.
Diamondback Energy, headquartered in Midland, Texas, has a market value approximated at $47 billion. In the previous year, the company purchased Permian producer Endeavor Energy Resources in a cash-and-stock transaction, which valued Endeavor at around $26 billion.
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