Select Water Solutions, Inc. (NYSE: WTTR) announced the completion of the acquisition of Pilot Water Solutions LLC on November 2, 2026. The transaction, previously agreed upon in September 2026, was finalized on the Closing Date. Select Water Solutions, LLC, an indirect subsidiary of the Company, acquired all issued and outstanding membership interests in Pilot Water.
Under the terms of the Pilot Water Acquisition Agreement, the aggregate consideration paid was approximately $700 million. This consisted of approximately $600 million in cash paid at closing, subject to customary post-closing adjustments, and 5,149,331 shares of the Company’s Class A common stock. The acquisition was completed on a debt-free basis.
The purchase agreement includes contingent payments. One seller is entitled to a $15 million contingent payment upon the satisfaction of certain operational milestones expected in early 2027. Additionally, the agreement provides for a true-up payment in cash if the 30-day volume-weighted average price of the Company’s Class A common stock on the trading day immediately prior to the six-month anniversary of the Closing Date is lower than the price immediately prior to the Closing Date.
In connection with the closing of the Pilot Water acquisition, Select Holdings entered into a new credit agreement providing for a $500 million senior secured revolving credit facility. The facility became effective on November 2, 2026. Concurrently, the Company’s previous sustainability-linked senior secured credit facility was terminated. The obligations under the new credit agreement are guaranteed by Select Holdings’ material wholly owned domestic subsidiaries, including Pilot Water.
