Diamondback Energy Inc. will expand in the Permian Basin after agreeing to acquire subsidiaries of closely held Double Eagle IV Midco LLC for about $4.1 billion, a significant asset boost for the top independent oil producer in North America’s most prolific shale patch.

Diamondback Energy, a major player in the shale oil industry, has announced its acquisition of certain units of Double Eagle Energy. The deal, valued at approximately $4.08 billion, will be settled through a combination of cash and stock.

Diamondback said it has entered into a definitive purchase agreement to acquire certain subsidiaries of Double Eagle IV Midco LLC.

Diamondback Energy Inc. is closing in on a deal to acquire closely held West Texas oil producer Double Eagle in a bid to further its dominance in the world’s biggest shale patch, according to people familiar with the matter.

Diamondback Energy said on Tuesday it would buy certain units of EnCap Investments-backed energy producer Double Eagle for $4.08 billion in cash and stock, expanding its presence in the oil-rich U.S.

Diamondback Energy is set to buy Double Eagle IV Midco LLC subsidiaries for $4.1 billion, enhancing its Midland Basin assets.

Diamondback Energy has announced a definitive agreement to acquire subsidiaries of Double Eagle IV Midco, marking an expansion in the Midland Basin, US. The assets being acquired encompass around 40,000 net acres in the Midland Basin's core and are expected to produce 27,

The oil and natural gas company reached an agreement with Double Eagle in exchange for 6.9 million shares of its common stock and $3 billion in cash.