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US: Diamondback Energy close $2.5bn acquisition

By  |  October 2, 2016

Diamondback Energy Inc. is nearing a deal to buy Silver Hill Energy Partners, the latest in a rush by oil producers to acquire drilling land in West Texas.

Diamondback is the likely winner of an auction for private-equity-owned Silver Hill, according to people familiar with the matter. A deal could be announced this week — assuming the talks don’t fall apart and another bidder doesn’t re-emerge, one of the person said.

A deal could value Silver Hill at around $2.5 billion, though it isn’t clear whether that includes assumed debt.

Silver Hill, run by a team based in Dallas, was founded in 2011 and built with $725 million from private-equity firms including Kayne Anderson Capital Advisors LP and Ridgemont Equity Partners.

Full Content: MarketWatch

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