PXE - Energy Transfer Expands Permian Presence With $3.25B Acquisition: Details | Benzinga
Diamondback Energy, Inc. (NASDAQ:FANG) shares are trading higher after it penned a deal with Energy Transfer LP (NYSE: ET) to sell WTG Midstream Holdings LLC.
Energy Transfer LP is acquiring WTG Midstream from affiliates of Stonepeak, the Davis Estate and Diamondback Energy in a transaction valued at approximately $3.25 billion.
The transaction’s consideration comprises $2.45 billion in cash and approximately 50.8 million newly issued Energy Transfer common units.
The buyout is expected to boost Energy Transfer’s natural gas pipeline and processing network in the Permian Basin.
The acquisition comprises eight ...