Select Water agrees to $700 million Pilot Water acquisition

Select Water Solutions ($WTTR) agreed to acquire Pilot Water Solutions for $700 million, consisting of $600 million in cash and $100 million in stock, with up to $15 million of additional contingent consideration. The purchase would expand its water infrastructure business, particularly in the Delaware Basin. More than 80% of the acquired business’s revenue is supported by long-term contracts.

Management projects $120–130 million of EBITDA from Pilot Water in 2027, before $10–15 million of annual synergies expected within 12–18 months. The cash portion will be supported by cash and committed debt financing, while the stock component will increase shares outstanding. Closing is targeted for the fourth quarter of 2026, subject to approvals and customary conditions; the earnings and synergy figures remain forecasts.

Sources:

• Select Water Solutions — Pilot Water agreement, PR Newswire release