Select Water Solutions to acquire Pilot Water Solutions for $700 million

Select Water Solutions has entered into a definitive agreement to acquire Pilot Water Solutions in a transaction valued at $700 million, plus up to $15 million in contingent consideration. The deal consists of $600 million in cash and $100 million in Select Water Class A common stock.

The acquisition aims to strengthen Select’s presence in the Delaware Basin across Texas and New Mexico. By combining networks, the company expects to create a platform with 3.8 million barrels per day of recycling capacity, 4.8 million barrels per day of combined active and undeveloped permitted disposal capacity, over 1,600 miles of pipeline, and approximately 57 million barrels of storage capacity.

Pilot Water Solutions is expected to generate between $100 million and $110 million of adjusted EBITDA for the full year 2026. Select Water Solutions anticipates achieving $10 million to $15 million in annual cost synergies within 12 to 18 months of closing. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals and customary closing conditions.