Permian-focused Diamondback had been tipped by the Wall Street Journal to be in the lead for the auction of private equity-backed Silver Hill, which holds acreage in the red-hot Delaware sub-basin of the Permian.
Dallas-based Silver Hill was initially founded in September 2012 with backing from private equity player Kayne Anderson and drew additional investment from Ridgemont Equity Partners.
The company, which is led by chief executive Kyle Miller, said it has received $725 million in total from its investors.
