Ranger Energy to Acquire STEP's U.S. Coiled Tubing Assets for $27.5M
RNGR sits 39% above its 52-week low of $11.88.
Summary
Ranger Energy Services is acquiring STEP Energy Services' U.S. coiled tubing assets for approximately $27.5 million, with consideration including $22.5 million in cash and $5 million in equity based on the 30-day trailing VWAP as of the day prior to closing. The deal will make Ranger the second-largest coiled tubing operator in the Lower 48, adding 13 coiled tubing spreads, five facilities, and about 220 employees. The acquired assets are expected to contribute $80-90 million of revenue and over $10 million of EBITDA in 2027, including at least $2.5 million in synergies, with the purchase price representing slightly more than 2.5x anticipated 2027 EBITDA. Funding comes from revolver borrowings, with post-close debt expected around $30 million, and the transaction is expected to close on or about September 11, 2026, subject to customary conditions. This follows Ranger's recent ECHO rig expansion and American Well Services acquisition, continuing its growth strategy in high-specification well services.
At the time of this announcement, RNGR was trading at $16.55 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $387.3M. The 52-week trading range was $11.88 to $18.82. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: BusinessWire.