Propetro Acquires Silvertip Creating A Leading Completions-Focused Oilfield Services Company
Acquiring Company
ProPetro
Acquired Company
Silvertip
MidlandEnergyOil And GasOil And GasDescription
ProPetro Holding Corp. ("ProPetro" or the “Company”) (NYSE: PUMP), an oilfield services company providing completions services to upstream oil and gas companies, today announced it has acquired Silvertip Completion Services Operating, LLC ("Silvertip"), a provider of wireline perforating and pumpdown services solely in the Permian Basin, creating a leading completions-focused oilfield services company headquartered in the Permian Basin. The transaction consideration consisted of the issuance of 10.1 million shares of ProPetro common stock, $30 million of cash, the payoff of approximately $7 million of assumed debt, and certain other transaction costs, subject to customary post-closing adjustments, which implies a value of $150 million based upon a 15-day volume weighted average price ("VWAP") of ProPetro’s stock price as of October 27, 2022.
Quick answer
ProPetro is acquiring Silvertip, announced November 1, 2022. ProPetro is based in Midland, Texas, United States.
- How much did ProPetro pay for Silvertip?
- The deal value was not disclosed.
- What does ProPetro do?
- ProPetro Holding Corp. is a Midland, Texas-based provider of premium completion and power services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil..
- Where are ProPetro and Silvertip based?
- ProPetro is based in Midland, Texas, United States.
- Who are the decision-makers at ProPetro?
- Fundz holds 1 contact at ProPetro. Names and contact details are shown to Fundz members.
Source: Fundz verified event record.
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Frequently asked
Who acquired Silvertip?
Silvertip was acquired by ProPetro, based in Midland. The deal was reported on November 1, 2022. ProPetro Holding Corp. ProPetro is publicly traded (PUMP) and operates in Energy.
When did ProPetro acquire Silvertip?
ProPetro's acquisition of Silvertip was reported on November 1, 2022. ProPetro Holding Corp. Fundz records the date the transaction was first publicly reported, sourced from filings and company announcements.
What does Silvertip do?
Silvertip Completion Services Operating, LLC, is a Midland, Texas-based oilfield services company that owns and operates 23 wireline units and a best-in-class pumpdown fleet. It is privately held, operating in Oil And Gas.
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