Deal Description: Rockwater Energy Solutions, Inc. (“Rockwater”), a leading provider of water management services and chemical products to the U.S. unconventional oil and gas industry, announced on July 18, 2017 that it has entered into a definitive merger agreement with Select Energy Services, Inc. (NYSE: WTTR), (“Select”), another leading provider of total water solutions to the U.S. unconventional oil and gas industry. Rockwater shareholders will be issued 0.7777 shares of Select common stock for each share of Rockwater common stock, subject to certain exceptions. Upon consummation of the merger, current Rockwater shareholders will own 36% of the combined company and Select shareholders will own 64%.
The transaction has been approved by the requisite stockholders of both Rockwater and Select. The transaction is subject to regulatory approval and other customary closing conditions. It is anticipated that the closing of the transaction will occur in the third quarter of 2017.
Baker Botts is representing Rockwater in the transaction.
Baker Botts Lawyers/Office Involved: Corporate: David Kirkland (Partner, Houston), Jim Marshall (Partner, Houston), Jonathan Bobinger (Senior Associate, Houston), Eileen Boyce (Associate Houston), Jamie Yarbrough (Associate, Houston), Katie Belleville (Associate, Houston) and Ieuan List (Associate, Houston); Antitrust: Sean Boland (Partner, Washington); Paul Cuomo (Partner, Washington); Michael Perry (Partner, Washington) and Christine Ryu (Associate, Washington); Finance: Rachael Lichman (Partner, Houston); and Malory Weir (Associate, Houston) ; Jon Finelli (Senior Associate, New York); Employee Benefits: Gail Stewart (Partner, Houston) and Chris Pratt (Special Counsel, Houston); Tax: Don Lonczak (Partner, Washington) and Peter Farrell (Associate, Washington).
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