Rattler Midstream Rallies On News Of Acquisition By Diamondback Energy

(RTTNews) - Shares of Rattler Midstream LP (RTLR) are rising more than 16% Monday morning on the news of it being acquired by its major stake holder, Diamondback Energy, Inc. (FANG) in an all-stock transaction.

Diamondback has agreed to acquire all of the publicly publicly held units representing the limited partner interests in Rattler not already owned by Diamondback and its subsidiaries, said Rattler.

As per the deal, Rattler unit holders would receive 0.113 share of Diamondback for each Rattler unit they own, a premium of 17.3% based on the closing prices of Rattler's units and Diamondback's stock as of May 13, 2022.

The transaction is expected to close in the third quarter of 2022.

RTLR, currently at $15.02, touched a new high of $15.19 this morning.