This deal will have Select Energy Services acquiring Nuverra Environmental. The total value comes to $45 million, which includes WTTR assuming roughly $20 million in long-term debt.
According to a press release, the deal will have Select Energy Services offering up shares of its stock in exchange for all outstanding shares of NES stock. This will have NES shareholders receiving 4.2 million shares of WTTR stock.
John Schmitz, chairman, president and CEO of Select Energy Services, said the following about the deal sending NES stock higher today.
“The Nuverra acquisition will strengthen our geographic footprint with a unique set of water logistics and infrastructure assets, particularly in the Bakken, Haynesville and Northeast, while continuing to expand our production related revenues.”
It’s also worth highlighting that Select Energy Services won’t likely run into any opposition to its deal. Both companies’ Boards of Directors have already given it their unanimous support. Also, an agreement has been reached with a group representing 85% of NES shareholders to vote in favor of the deal. That means it’ll only need approval from regulators before it can close.
News of the acquisition has NES stock experiencing heavy trading today. As of this writing, some 37 million shares of the stock have changed hands. That’s quite the increase over its daily average trading volume of about 25,000 shares.
NES stock is up 109.4% as of Monday morning.
Investors seeking more stock market news for today are in the right place!
We’ve got all the most recent stock coverage that traders need for Monday. A few examples include what’s happening with shares of BELLUS Health (NASDAQ:BLU), Petros Pharmaceuticals (NASDAQ:PTPI), and Editas Medicine (NASDAQ:EDIT) today. You can find all of that at the links below!
More Stock Market News for Monday
- BLU Stock Alert: The Study Data That Has BELLUS Health Blasting Higher Today
- PTPI Stock Pops on Short Squeeze Hopes: 10 Things to Know
- EDIT Stock: The Preclinical Data Sending Editas Medicine Rallying Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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