Diamondback Energy to Acquire Rattler Midstream LP
May 16, 2022 By MarketDepth
Rattler Midstream LP (NASDAQ: RTLR) today announced its entry into a definitive agreement to be acquired by Diamondback Energy, Inc.
Shares up Premarket
Shares of Rattler Midstream LP (NASDAQ: RTLR) gained over 14% in the premarket trading session following the announcement.
“The energy landscape has transformed dramatically since Rattler was taken public in 2019, and we believe this agreement to merge companies is in the best interests of both Diamondback and Rattler stakeholders.”Travis Stice, Chief Executive Officer of Diamondback and of the general partner of Rattler
The all-stock transaction would see each public unitholder of Rattler would receive 0.113 of a share of common stock in Diamondback, representing a premium of 9.3% based on Rattler’s and Diamondback’s 30 day volume-weighted average trading price as of May 13th, 2022.
“This merger will allow both companies to benefit from the simplicity and scale of the combined entity going forward.”Travis Stice, Chief Executive Officer of Diamondback and of the general partner of Rattler