Arrow Holdings S.à r.l. made a non-binding proposal to acquire remaining 51.2797% stake in Target Hospitality Corp. (NasdaqCM:TH) from TDR Capital and Others for approximately $560 million on March 25, 2024. Arrow Holdings will pay cash consideration of $10.80 per share.

This Proposal is subject to securing debt financing for the transaction, and we will have signed debt commitments in place prior to signing a definitive agreement. The Donerail Group LP and BofA Securities as financial advisors and Kirkland & Ellis LLP as legal advisor for Target Hospitality. As of April 29, 2024, Target Hospitality Corp.

announced the formation of a Special Committee comprised of independent directors of the Board of Directors of Target Hospitality (the "Board"). The Special Committee has retained Centerview Partners LLC and Ardea Partners LP as its financial advisors and Cravath, Swaine & Moore LLP as its legal advisor.