Archrock, Inc. announced on November 10, 2026, that its subsidiary, Archrock Services, L.P., has entered into a definitive merger agreement to acquire HiVolt Energy Holdings, LLC. Under the terms of the agreement, Merger Sub will merge with and into HiVolt, with HiVolt continuing as the surviving entity and a wholly owned subsidiary of Archrock Services.
The transaction is structured as an all-cash acquisition with an aggregate value of up to $450 million. This total consideration consists of a $415 million upfront payment at closing, subject to certain adjustments for net working capital, indebtedness, and cash, along with an additional $35 million in earnout incentives. These incentives are tied to the adjusted gross margin performance of HiVolt’s business and are payable to selected employees in July 2028, 2029, and 2030.
HiVolt is a provider of prime power microgrid infrastructure, including vertically integrated development, ownership, and operations across power generation, battery energy storage systems, fuel pipelines, and private-line infrastructure. The company reports over 80 megawatts of contracted prime power capacity supported by long-term power purchase agreements. Following the close of the transaction, expected in the first quarter of 2027, HiVolt will operate as a separate business segment within Archrock and will be led by HiVolt CEO Josh Evans.
Archrock intends to fund the $415 million upfront portion of the purchase price using available capacity under its asset-based lending (ABL) credit facility. The company states that the transaction is expected to be debt-free and result in pro forma leverage consistent with its target range of 3.0 times to 3.5 times.
Archrock’s Board of Directors has unanimously approved the merger. The deal is contingent upon the satisfaction of customary closing conditions, including the expiration or termination of applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
