Select Water Solutions to Acquire Pilot Water Solutions for $700M in Cash and Stock
WTTR has more than doubled off its 52-week low of $9.285.
Summary
Select Water Solutions agreed to acquire Pilot Water Solutions for $700 million in cash and stock, a transformative Delaware Basin water midstream deal expected to close in Q4 2026. The company also sold a 55% stake in its Peak Rentals business for approximately $76.8 million in cash and a seller note.
Key Events · M&A and Partnerships · WTTR
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Acquires Pilot Water Solutions for $700M
Select Water Solutions entered into a definitive agreement to acquire Pilot Water Solutions LLC for $600 million in cash and $100 million in Class A common stock, plus a $15 million contingent earnout tied to operational milestones.
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Adds $120–$130M of 2027E EBITDA
Pilot Water is expected to generate $100–$110 million of 2026 Adjusted EBITDA, growing to $120–$130 million in 2027, with an additional $10–$15 million of targeted cost synergies over the next 12–18 months.
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Debt Financing Secured
Select entered into debt commitment letters with J.P. Morgan Chase Bank, N.A. and Bank of America to fund the acquisition, with pro forma net leverage expected to remain below 2.0x at closing.
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Peak Rentals Divestiture
In a separate transaction, Select sold an indirect 55% interest in Peak Rentals HoldCo, LLC for approximately $41.5 million in cash and a $35.3 million seller note, retaining a 45% indirect interest.
Analysis · WTTR · Energy & Transportation
Select Water Solutions is acquiring Pilot Water Solutions, a private Delaware Basin water midstream operator, for $600 million in cash plus $100 million in Class A common stock, with an additional $15 million contingent earnout. The deal adds an estimated $120–$130 million of 2027E Adjusted EBITDA and is expected to close in Q4 2026. The transaction is highly strategic: it roughly doubles Select's active permitted disposal capacity, adds 480,000 barrels per day of minimum volume commitments, and shifts the company's profitability mix to approximately 70% Water Infrastructure by 2027. Financing is supported by debt commitment letters from J.P. Morgan and Bank of America, with pro forma net leverage expected to remain below 2.0x. Separately, Select sold a 55% interest in its Peak Rentals business for approximately $41.5 million in cash and a $35.3 million seller note, retaining 45% — a divestiture that removes that business from Select's financial results.
How filings like this one have moved
In the 30 days to Oct 1, 2026, 41.9% of the 327 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.46%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, WTTR was trading at $22.46 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $2.5B. The 52-week trading range was $9.29 to $22.55. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.