Diamondback Energy will buy rival Endeavor Energy Resources in a cash-and-stock deal valued at about $26 billion to create a drilling giant in the Southwest United States.

The transaction includes approximately 117.3 million shares of Diamondback common stock and $8 billion in cash.

Shareholders of Diamondback Energy Inc. are expected to own about 60.5% of the combined company, while Endeavor’s equity holders are anticipated to own approximately 39.5%.

It will be based in Midland, Texas.

The boards of both companies approved the deal, which is expected to close in the fourth quarter.

The Associated Press

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