Endeavor Energy and Diamondback Energy Are Finalizing a Merger to Create a $50 Billion Company

Permian rivals Diamondback Energy and Endeavor Energy Resources are close to finalizing a merger that would create an oil and gas company that could be valued at more than $50 billion, the Wall Street Journal reported on Sunday.

A deal could be announced by Diamondback with closely held Endeavor as soon as Monday, the report said, adding that Diamondback fended off competition from other parties including ConocoPhillips in striking a deal.

Endeavor and Diamondback did not immediately respond to a Reuters request for comment.

Read the source article at Yahoo Finance