M&As this week: Select Energy Services, Indian Oil Corporation
Select Energy Services has agreed to acquire Rockwater Energy Solutions for $455.78m.
The purchase consideration will include issuance of Select Energy shares for all of the outstanding shares of Rockwater Energy.
Rockwater Energy offers comprehensive water management solutions to the unconventional oil and gas industry in North America.
Upon completion of the transaction, the shareholders of Select Energy and Rockwater Energy will own approximately 64.4% and 35.6% stakes in Select Energy respectively.
Select Energy has appointed Simmons & Company International as financial advisor and Vinson & Elkins as legal advisor for the transaction.
The acquisition is scheduled for completion in the third quarter of this year.
Indian Oil Corporation (IOC) plans to acquire 66% interest in Oil India Limited (OIL) from the Government of India, according to sources.
OIL is engaged in the exploration, development and production of crude oil and natural gas. It also produces liquid petroleum gas and transports crude oil.
The acquisition is part of the government’s strategy to create a large integrated oil and gas company.