WTTR - Select Energy Services agrees to acquire Nuverra Environmental for $45M

Select Energy Services (WTTR -5.7%) to acquire Nuverra Environmental Solutions (NES +110.8%) for total consideration of ~$45M, including the assumption of approximately $20M of long-term debt, net of cash. Nuverra is an energy-focused environmental solutions company, operating across the United States, including in the Bakken, Haynesville, Marcellus and Utica Shales. Under the terms of the agreement, Nuverra stockholders will receive approximately 4.2M shares of Select Class A common stock in exchange for all outstanding shares of Nuverra. The addition of sizable pipeline and disposal infrastructure footprint across the Haynesville, Bakken and Northeast to bolster the Water Infrastructure segment, with meaningful opportunity for future gathering and recycling infrastructure development. Further, the addition of landfill operations in North Dakota provides unique opportunity for service line expansion and industrial diversification The significant opportunity for cost synergies provides meaningfully accretive financial benefits. The transaction is expected to close in the first quarter of 2022, subject to

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Select Energy Services agrees to acquire Nuverra Environmental for $45M