Select Energy Services, Nuverra Deal Gets Chief Shareholders' Green Light
Acquisitive oilfield contractor has been bolstering its water and waste assets for the past half year.
The two largest stockholders in Nuverra Environmental Solutions have approved the acquisition of the company by Select Energy Services for $45 million originally announced late last year. Select Energy and Nuverra expect the transaction to close in the first quarter of 2022.
Ascribe II Investments LLC, Ascribe III Investments LLC, and Gates Capital Management own about 84% of Nuverra’s outstanding common stock. While the consents of Ascribe and Gates are sufficient to approve the transaction, Nuverra is requesting all its common stockholders approve the merger by executing and returning the written consent furnished with the filing.
The Nuverra deal is just one of a handful of acquisitions made by Select Energy over the past half year. The company recently closed the acquisition of the US onshore rentals and accommodations operations of HB Rentals, a subsidiary of Superior Energy Services.
With current operations in the Permian, Haynesville, Mid-Continent, and Northeast and Rockies regions, HB operates as a rentals and accommodations company across the US. Going forward, the company expects to operate the HB assets within its Peak rentals and accommodations business within the water services segment.
The HB deal followed Select Energy's purchase from Superior Energy of its Complete Energy Services unit. Complete Energy is a provider of completion- and production-related water solutions, including water transfer, flowback and well testing, water heating, containment, fluids handling, and produced water gathering and disposal solutions across the US, including the Permian, Mid-Continent, DJ and Powder River basins, and the Marcellus and Utica shales.
Superior Energy retained certain noncore and nonwater-related assets that were part of Complete Energy as part of the transaction.
Previous to those deals, Select Energy, in October, had bolstered its water business with the $15-million purchase of substantially all of the assets of Agua Libre Midstream and certain water-related assets and operations of Basic Energy Services out of bankruptcy.