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2021-12-14 00:08
09:24 AM EST, 12/13/2021 (MT Newswires) -- Select Energy Services (WTTR) said Monday that it has agreed to acquire Nuverra Environmental Solutions (NES) for $45 million, including the assumption of $20 million of long-term debt, net of cash.
Nuverra shareholders will get 4.2 million shares of Select class A shares in exchange for all Nuverra shares.
The deal is slated to be completed in Q1.
Further, Select has entered into a support agreement with holders of Nuverra stock who represent 85% of the outstanding voting shares of Nuverra to okay the deal.
Also on Monday, Select said it has closed on the acquisition of the US onshore rentals and accommodations operations of HB Rentals, a unit of Superior Energy Services. Select said it issued 1.2 million of its class A shares and paid $1.5 million in cash to Superior to close the deal.
Select quoted its CEO John Schmitz as saying the company continues to experience "a strong recovery" in activity and financial performance in Q4, helped by "a robust" commodity price environment and its recent acquisitions.
Nuverra's shares jumped 17% whereas those of Select edged up 0.6% in recent Monday premarket activity.