Diamondback Energy (FANG) late Tuesday said it completed its acquisition of selected subsidiaries from Double Eagle IV Midco.

Under terms of the transaction disclosed Feb. 18, the energy producer paid $3 billion in cash, subject to customary adjustments, and issued roughly 6.9 million shares of its common stock.

As part of the agreement, the companies said they would accelerate development on a portion of Diamondback's non-core acreage in the southern Midland Basin. Diamondback funded the cash portion of the deal using cash on hand and net proceeds from a $1.2 billion public offering of 5.550% senior notes maturing in April 2035.

The company also plans to sell at least $1.5 billion of non-core assets to accelerate debt reduction.