Diamondback Energy announces $2.2B secondary offering from Legacy Endeavor stockholders, buying back 2M shares.

Diamondback Energy has announced a secondary public offering of 11.27 million shares owned by certain Legacy Endeavor stockholders, generating approximately $2.2 billion in proceeds, which the company will not receive. Additionally, Diamondback plans to repurchase 2 million shares at the same price as the offering, funded by existing cash. The stock price fell 1.4% following the announcement. Evercore ISI, Citigroup, and J.P. Morgan manage the offering.

September 19, 2024
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