Select Water Solutions to Acquire Pilot Water Solutions in a $700 Million Deal

04:55 PM EDT, 09/24/2026 (MT Newswires) -- Select Water Solutions (WTTR) said late Thursday it will acquire Pilot Water Solutions in a $700 million equity-and-cash transaction, plus $15 million of potential contingent cash consideration. The transaction, expected to close in Q4 subject to customary closing conditions and regulatory approvals, comprises $600 million in cash, $100 million of Class A common stock, and an additional $15 million contingent payment upon reaching certain milestones expected in early 2027, according to a statement. For the full-year 2026, Pilot Water is expected to generate $100 million to $110 million of adjusted EBITDA, which is expected to grow to $120 million to $130 million next year, the company said. Pilot Water is supported by a steady contract portfolio, with more than 80% of its annual revenue backed by long-term contracts with an average tenor of more than seven years, including 480,000 barrels per day of minimum volume commitments, according to the company.