Select Energy Services, Inc. completed the acquisition of Substantially all of the Water Logistics segment assets from Basic Energy Services, LP and Agua Libre Midstream LLC.
October 30, 2021
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Select Energy Services, Inc. (NYSE:WTTR) entered into an agreement to acquire Substantially all of the Water Logistics segment assets from Basic Energy Services, LP and Agua Libre Midstream LLC for $19.3 million on August 17, 2021. The consideration will be paid as $15 million in cash and $5 million in Class A Common Stock of Select Energy Services, subject to certain customary purchase price adjustments. As part of the consideration, Select Buyer will be assuming certain liabilities associated with the assets being conveyed by the Select Sellers, including, all liabilities related to the applicable water logistic assets from and after closing of the Select Transaction. In connection with the execution of the Select APA, Select Buyer will deposit, within one business day following the execution of the Select APA, $2,000,000 to be held in escrow. Upon the closing of the Select Transaction, the deposit will be credited against the Select Purchase Price and held in escrow to secure the Select Sellers obligations with respect to the post-closing purchase price adjustments. The transaction is subject to customary closing conditions and approval by the Bankruptcy Court and is expected to close on September 2021. Weil, Gotshal & Manges LLP is serving legal counsel, Lazard is serving as financial advisor for Agua Libre and Basic. AlixPartners LLP is serving as restructuring advisor.
Select Energy Services, Inc. (NYSE:WTTR) completed the acquisition of Substantially all of the Water Logistics segment assets from Basic Energy Services, LP and Agua Libre Midstream LLC on October 1, 2021. As consideration for the acquisition, Select has issued 902,593 shares of Class A common stock and paid $14.5 million in cash to Basic to close the transaction, subject to standard post-closing adjustments. Stephen M. Gill, David S. Meyer, W. Creighton Smith, Lina G. Dimachkieh, Matthew Dobbins, David C. D'Alessandro and Randy R. Jurgensmeyer of Vinson & Elkins LLP acted as a legal advisor to Select Energy Services, Inc.
Select Water Solutions, Inc. is a provider of sustainable water and chemical solutions to the energy industry. The Company operates in three segments: Water Services, Water Infrastructure, and Chemical Technologies. The Water Services segment consists of its services businesses, including water sourcing, water transfer, flowback and well testing, fluid hauling, water monitoring, water containment and water network automation, serving exploration and production (E&P) companies. The Water Infrastructure segment provides recycling, gathering, transferring and disposal of water. Its operations are enabled by a network of permanent pipeline infrastructure, semi-permanent pipeline infrastructure, water recycling facilities, earthen pits, water sources and SWDs. The Chemical Technologies segment develops, manufactures, manages logistics and provides a full suite of completion chemical products utilized in hydraulic fracturing, stimulation, cementing and related well completion processes.
Select Energy Services, Inc. completed the acquisition of Substantially all of the Water Logistics segment assets from Basic Energy Services, LP and Agua Libre Midstream LLC.
SELECT WATER SOLUTIONS, INC. 
