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WTTRBullishM&Anews

High materiality8/10

Select Water to Acquire Pilot Water, Expanding Delaware Basin Footprint and 2027 EBITDA

Sep 24, 2026, 5:24 PM EDT1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Accretive deal with substantial EBITDA uplift, expanded capacity, and stronger long-term cash flow visibility; near-term dilution from stock component and closing risk but financing commitments mitigate funding concerns; likely positive equity reaction on close in 4Q2026.

AI summary

What happened, with direct paths to the underlying reporting

Select Water Solutions has entered a definitive agreement to acquire Pilot Water Solutions for $700 million, comprising $600 million in cash and $100 million in Select stock, plus up to $15 million in contingent consideration. The acquisition expands WTTR's Delaware Basin footprint, targets $120–$130 million of 2027 EBITDA, and aims for pro forma net leverage below 2.0x, with Water Infrastructure to represent about 70% of gross profit by 2027.

Select Water to acquire Pilot Water for $700M ($600M cash, $100M stock).
Deal adds $120–$130M 2027 EBITDA; $15M potential earnout; 12–18 month synergies.
Pro forma leverage under 2.0x; 70% of profits from Water Infrastructure by 2027.
Close targeted for Q4 2026; financing from JPM and BofA commitments.

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Select Water to Acquire Pilot Water, Expanding Delaware Basin Footprint and 2027 EBITDA

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