The deal comes at a time when oil producers are reaping massive benefits from a surge in oil and gas prices as sanctions on major producer Russia following its invasion of Ukraine throttle supply amid a rebound in demand.
Hedge fund Elliott Management invested in Validus last year to help it buy assets in Eagle Ford, Texas from Ovintiv Inc for $880 million.
The deal with Validus would allow Devon to secure 42,000 net acres adjacent to its existing leasehold in the basin.
Devon said the deal is expected to close at the end of the third quarter, with an effective date around June 1.
(Reporting by Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli)