Select Water Solutions agrees to acquire Pilot Water Solutions in $700 million cash-and-stock deal
WTTR•Select Water Solutions agreed to acquire Pilot Water Solutions for $700 million, including $600 million in cash and $100 million in stock, with up to $15 million in earnout payments. The deal is targeted to close in the fourth quarter of 2026.
1. Deal terms and targets
The consideration includes $600 million in cash and $100 million of Class A common stock, priced using the 30-day VWAP before closing, with up to $15 million in earnout payments. The closing is targeted for the fourth quarter of 2026, subject to customary conditions and approvals. Pilot Water is expected to generate adjusted EBITDA of $100 million to $110 million in 2026 and $120 million to $130 million in 2027. Select targets $10 million to $15 million in annual cost synergies within 12 to 18 months and pro forma net leverage below 2.0x at closing.
