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Permian Pure Play Diamondback Adds Heft to Portfolio with QEP, Guidon Tie-Ups
Diamondback Energy Inc. is expanding its leasehold in the Permian Basin with two separate cash and stock deals valued at a combined roughly $3 billion that are seen boosting cash flow and shareholder returns.
The Midland, TX-based independent agreed to acquire QEP Resources in an all-stock transaction valued at around $2.2 billion, including QEP’s net debt of $1.6 billion. Under the deal, already approved by each company’s board, QEP shareholders would receive 0.05 shares of Diamondback common stock for each share of QEP common stock, representing an implied value to each QEP stockholder of $2.29 per share based on the closing price of Diamondback common stock on Dec. 18.
Share:
MIDLAND, Texas, Dec. 21, 2020 (GLOBE NEWSWIRE) Diamondback Energy, Inc. (NASDAQ:FANG) ( Diamondback or the Company ) today announced it has entered into a definitive purchase agreement to acquire all leasehold interests and related assets of Guidon Operating LLC ( Guidon or the Seller ) in exchange for 10.63 million shares of Diamondback common stock and $375 million of cash. The cash portion of this transaction is expected to be funded through a combination of cash on hand and borrowings under the Company s credit facility.
ACQUISITION HIGHLIGHTS:
Approximately 32,500 net acres in the Northern Midland Basin, primarily held by production allowing for capital efficient full field development
By Ross Wilkers
Dec 21, 2020
Acquisitions have been on the mind of Lockheed Martin CEO Jim Taiclet, and by extension the board of directors, since he started his tenure at the world’s largest defense company in June.
He and they did not wait long to go for the defense market’s next “Big One” with Sunday night’s announcement that Lockheed has agreed to acquire publicly-traded Aerojet Rocketdyne for $4.4 billion, or $56 per share.
Mirroring that of Northrop Grumman-Orbital ATK in 2017, Lockheed’s deal for the rocket propulsion maker Aerojet Rocketdyne gives the buyer an even greater footprint in space and missiles. Both areas that play into each other, and with hypersonics, are key technology priorities for the Defense Department.
Aerojet Rocketdyne to be Acquired by Lockheed Martin in $5.0 Billion All-Cash Transaction
Purchase Price Represents a Premium of Approximately 33%
Companies’ Complementary Capabilities and Talent to Enable Growth in Hypersonics, Tactical Missiles, Integrated Air and Missile Defense, Strategic Systems and Space Exploration
Transaction Provides Greater Value and Innovation for Customers by Integrating Critical Component of Supply Chain
EL SEGUNDO, Calif., Dec. 20, 2020 (GLOBE NEWSWIRE) Aerojet Rocketdyne Holdings, Inc. (NYSE: AJRD) today announced that it has entered into a definitive agreement to be acquired by Lockheed Martin Corporation (NYSE: LMT) in an all-cash transaction with a total equity value of $5.0 billion.
Under the terms of the agreement, which has been unanimously approved by each company’s Board of Directors, Lockheed Martin will acquire Aerojet Rocketdyne for $56.00 per share in cash, representing a premium of approximately 33% to Aerojet Rocketdyne’s c