Select Water Solutions closes acquisition of Pilot Water Solutions

Select Water Solutions, Inc. (NYSE: WTTR) said it has closed its previously announced acquisition of Pilot Water Solutions LLC, a private water midstream company with primary operations in the Delaware Basin. A Select subsidiary acquired Pilot Water on a debt-free basis.

Aggregate consideration was about $700 million, including about $600 million of cash paid at closing, subject to post-closing adjustments, and 5,149,331 shares of Select Class A common stock. One seller may receive a $15 million contingent payment tied to operational milestones expected in early 2027, plus a cash true-up tied to Select's share price six months after closing.

Select said Pilot Water adds contractual revenue, minimum volume commitments and operational and undeveloped capacity that complement its acreage dedications. In connection with the closing, Select's new $500 million revolving credit facility took effect and its previous sustainability-linked senior secured facility was terminated.