Mammoth Energy Services, Inc. to Make Multiple Acquisitions
On March 21, 2017 Mammoth Energy Services, Inc. (“Mammoth”) (NASDAQ: TUSK) announced it had entered into definitive agreements to acquire Sturgeon Acquisitions, LLC (“Taylor Frac”), Stingray Energy Services, LLC and Stingray Cementing, LLC. Taylor Frac is a privately-owned manufacturer of high-quality silica sand. Stingray Energy Services and Stingray Cementing provides fresh water transfer, produces water filtration, rental equipment, and re-fueling operations in support of frilling, completion and production activities.
Under the terms of the agreements, Mammoth will issue an aggregate of 7.0 million shares of common stock based on the pro-rata ownership of the acquired businesses. The value of the transaction is approximately $133.8 million (based on closing stock price of $19.06 on March 20th), which includes the assumption of $7.3 million in debt and offset by a positive working capital balance of $6.7 million as of February 28, 2017. Mammoth expects closing the transactions in May 2017.
Read the full press release at www.mammothenergy.com
Below are highlights of additional Merger and Acquisition activity from the last week:
Agriculture M&A News: On March 22, 2017 Producers Ag Insurance Group, Inc. (ProAg), announced a purchase agreement had been signed to acquire crop managing general agent (MGA) International Ag Insurance Solutions, LLC (International Ag).
Read more at www.proag.com
Oil & Gas M&A News: On March 24, 2017 Western Refining, Inc. (NYSE: WNR) announced that WNR Stockholders have approved the proposed acquisition of Western Refining by Tesoro Corporation (NYSE: TSO). Tesoro and Western Refining continue to expect the transaction to close in the first half of 2017.
Read more at www.wnr.com
