Investing.com -- Diamondback (NASDAQ: FANG ) Energy, an oil and gas company, said on Tuesday that it plans to acquire specific units of Double Eagle, a Texas-based energy producer, in a deal valued at approximately $4.08 billion.

The transaction will be conducted through a combination of cash and stock.

As part of its financial strategy, Diamondback also stated it intends to sell a minimum of $1.5 billion worth of non-core assets.

This move is aimed at reducing its pro-forma debt, which is the debt a company would have if it takes certain actions in its financial operations.

The shale producer's objective is to decrease its net debt to $10 billion. In the long run, Diamondback plans to maintain a leverage, which is the use of borrowed money to finance company's assets, of $6 billion to $8 billion.

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