Kirkland Advises Diamondback Energy on $4.45 Billion Drop Down Transaction
Kirkland & Ellis advised Diamondback Energy, Inc. (NASDAQ: FANG) on a definitive purchase agreement with Viper Energy, Inc., a subsidiary of Diamondback, to sell certain mineral and royalty interests from subsidiaries of Diamondback for $1 billion in cash and 69.6 million units of Viper’s operating subsidiary in a drop down transaction. Based on the volume weighted average sales price of Viper’s common stock for the 30-trading day period ending January 24, 2025 of $49.55, the transaction is valued at a total of $4.45 billion. Diamondback expects the transaction to close in the second quarter of 2025, subject to the satisfaction of customary closing conditions and approval of the transaction by Viper’s stockholders.
Read Diamondback’s press release
The Kirkland team included corporate lawyers Sean Wheeler, Debbie Yee and Camille Meissner; real asset transactions lawyers Chris Heasley, Jarrod Gamble, Rizwan Popatia and Tom Harrigan; tax lawyers David Wheat and Joe Tobias; and capital markets lawyer Michael Rigdon.
