Oil and gas company Diamondback Energy said on Tuesday it would buy certain units of Texas-based energy producer Double Eagle in a cash-and-stock deal for about $4.08 billion. Diamondback added that it would sell at least $1.

EIR analyst Dittmar called the deal a priority for Diamondback “because it represents one of the last current opportunities to get a large, high-quality asset from a private

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.