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I will also reinforce how we are building a business that will grow profitably without the need for mergers or acquisitions and, therefore, which has the luxury of us looking at external opportunities for the few that may meet our strict value investment criteria. Turning now to Barrick's 100%-owned Fourmile project.
We generated strong revenue and operating income margin in the first quarter, exceeding the outlook we provided in March and we delivered record operating income when you exclude $18 million in separation and divestiture costs related to the planned spin and merger transaction of gaming and digital. Revenue of $1.07
The Pioneer acquisition increases that even further. The average time to complete this type of merger over the last several years has been more than 11 months. We closed Pioneer in six, once again demonstrating the strength of our organization in effectively executing large, complicated projects, including large acquisitions.
I want to start this presentation with some reflection back to the time of the merger, where we committed to a clear strategy for building the new Barrick into the world's most valued mining company. And last year, we made tangible progress in what we call our journey to zero, posting the best results since the merger.
In September, the FTC completed its review of the company's merger with Hess. This quarter marked the one-year anniversary of the PDC Energy acquisition. We've successfully combined the two companies, taking bestpractices from both and applying them across our shale and tight portfolio.
With a positive outlook, all of our prioritized structures are in conformance with the standard with ongoing action plans to ensure that the bestpractices are in place. The acquisition of talents like Jerome and Mark will go under the first hurdle that is execute on existing assets. Is it a merger? Is that an IPO?
Combining the teams, their technologies and bestpractices, as well as their complementary geographical footprint, should compound constructively to the benefit of our shareholders. Both the up-front cash consideration and the principal amount of the Seller’s Note are subject to revision for customary post- closing adjustments.
Marc Lipschultz -- Co-Chief Executive Officer Well, the healthcare product certainly is in line and -- or put it another way, let me contextualize the Cowen acquisition. And as we've now really gotten our other acquisitions integrated, and you can see kind of the cylinders firing in the fourth quarter. It's nowhere near that linear.
Further, Enbridge has already taken steps to materially pre-fund the acquisition. Staying with the topic of governance and consistent with corporate bestpractice, we've maintained a regular cadence of board refreshment. We expect a staggered close for each of the LDCs, with all three transactions closing in 2024.
I mean, I think when we announced the deal, we were very conscious of the cash stock mix that we put in place for the Endeavor merger. If you look back to the history of Diamondback, we've grown through acquisition. But I think we're also just preparing room for a major acquisition to close. Thanks for taking my questions.
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