ProFrac to Acquire U.S. Well Services in Stock-for-stock Transaction

The combination of U.S. Well Services with ProFrac is expected to be the largest provider of electric frac services with 12 electric fleets, creating a market leader in NextGen frac solutions.

Hart Energy Staff
ProFrac to Acquire U.S. Well Services in Stock-for-stock Transaction

Also part of the combination, ProFrac will acquire U.S. Well Services’ industry leading intellectual property portfolio that gave rise to electric frac technology with the market's first e-fleet deployment in 2014, which includes over 110 patents. (Source: U.S. Well Services Inc.)

ProFrac Holding Corp. agreed to acquire Houston-based U.S. Well Services Inc. in a stock-for-stock transaction worth an estimated $270 million.

U.S. Well Services in 2014 became the first to use electric hydraulic fracturing fleets, a technology that has become increasingly popular as more oil and gas companies look for ways to lower their carbon footprints. The combination with ProFrac—the pressure pumping firm of oil billionaires Dan and Farris Wilks— positions the company to further capitalize on the growing trend, according to Kyle O’Neill, U.S. Well Services’ president and CEO.

The transaction also follows the purchase of a stake in U.S. Well Services last year by ProFrac, which made its market debut in May.

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