USWS - ProFrac to buy U.S. Well Services expanding frac solutions fleet

U.S. Well Services (NASDAQ:USWS) +33.6% post-market after ProFrac Holdings (NASDAQ:PFHC) agreed to acquire the company in a stock-for-stock deal with an exchange ratio of 0.0561 ProFrac common shares for each U.S. Well common share. ProFrac (PFHC) said the combined company would be the largest provider of electric frac services, with 12 electric fleets, and expand its total active fleet to 44 by year-end 2022. The company expects the deal would result in $35M of annual cost synergies and eliminate its expected license fees to U.S. Well (USWS) of $22.5M/year over the next four years. Earlier on Tuesday, ProFrac (PFHC) announced the purchase of two Permian Basin subsidiaries from Signal Peak Silica for ~$90M.

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ProFrac to buy U.S. Well Services, expanding frac solutions fleet