Latham & Watkins Advises Diamondback Energy on Acquisition of Deep Blue Midland Basin

Diamondback Energy, Inc. (Nasdaq: FANG) and KKR have announced an agreement to jointly acquire Five Point Infrastructure’s 70% stake in Deep Blue Midland Basin LLC, the leading full-cycle water infrastructure platform in the Midland Basin. Following the transaction, Diamondback and KKR will jointly own 100% of Deep Blue, building on Diamondback’s existing 30% ownership interest.  The transaction is expected to close in Q4 2026, subject to customary regulatory approvals and closing conditions.

Latham & Watkins LLP represents Diamondback Energy in the acquisition with a deal team led by New York partners Zach Podolsky and Mark Stagliano and Houston partners Ryan Lynch and Chris Heasley, with associates Morgen Seim, Pi Praveen, Victoria Wade, and Graysen Mechler. Advice was also provided on tax matters by Houston partners Tim Fenn and Bryant Lee, with associate Christopher Garza; on finance matters by New York partner Emily Johnson, with associates Tian Lin* and Jack Klein; on executive compensation, employment, and benefits matters by Los Angeles partner Michelle Carpenter; and on antitrust matters by Washington, D.C. partners Peter Todaro and Jason Cruise, with associate Nathaniel Amann.