Viper Energy Prices $798 Million Secondary Share Offering

MT Newswires Live03-03

Viper Energy (VNOM) said Monday that selling stockholders, including Diamondback Energy (FANG), priced a secondary offering of approximately 17.4 million of Viper's Class A common shares.

The selling group, which includes affiliates of EnCap Investments and Oaktree Capital Management, expects to receive roughly $798 million in gross proceeds from the transaction, which includes a 30-day option for underwriters to purchase up to 2.6 million additional shares, the company said.

In connection with the offering, the firm agreed to buy 1 million units in its operating company from Oaktree affiliates at the offering price, Viper said.

Shares of Viper Energy were down over 2% and shares of Diamondback Energy were up over 1% in recent Tuesday premarket activity.

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