New Canaan firm finalizing $588M fracking merger

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A New Canaan “blank check” company plans to complete by Nov. 9, 2018 its acquisition of U.S. Well Services, a Houston fracking company with operations in Texas as well as the Marcellus and Utica shale regions of Pennsylvania, West Virginia and Ohio. (Photo via U.S. Well Services)

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A New Canaan “blank check” company plans to complete by Nov. 9, 2018 its acquisition of U.S. Well Services, a Houston fracking company with operations in Texas as well as the Marcellus and Utica shale

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New Canaan firm finalizing $588M fracking merger

A New Canaan “blank check” company plans to complete this week its acquisition of U.S. Well Services, a Houston fracking company with operations in Texas as well as the Marcellus and Utica shale regions of Pennsylvania, West Virginia and Ohio.

In July, Matlin & Partners had valued the transaction at $588 million, including $280 million in capital it is contributing from a $325 million initial public offering of stock in March 2017 as a “blank check” company intending to reinvest the proceeds in an acquisition. CEO David Matlin runs MatlinPatterson Global Advisors, a New York City firm that invests in companies laboring under debt.

U.S. Well Services operates hydraulic fracturing systems that pump additional reserves of natural gas, with its “Clean Fleet” systems powered by electricity generated on site by natural gas that is derived from local supplies. The company touts the system as quieter and better for the environment than existing alternatives.

U.S. Well Services shares will trade on the Nasdaq Capital Market under the USWS and USWSW ticker symbols, with the companies aiming to close the merger on Friday, Nov. 9.

Alex.Soule@scni.com; 203-842-2545; @casoulman

Source

https://www.stamfordadvocate.com/business/article/New-Canaan-firm-finalizing-588M-fracking-merger-13363216.php

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