Select Water Solutions, Inc. filed an 8-K announcing the closing of its acquisition of Pilot Water Solutions LLC on November 2, 2026, for aggregate consideration of approximately $700 million.

Key Highlights

  • Total consideration: Approximately $700 million, comprising approximately $600 million in cash paid at closing (subject to customary post-closing adjustments) and 5,149,331 shares of Class A common stock of Select.
  • Contingent payment: One seller has a right to an additional $15 million contingent payment upon satisfaction of certain operational milestones expected in early 2027.
  • Price true-up provision: The same seller will receive a cash true-up payment if Select's 30-day volume-weighted average price as of the trading day prior to the six-month anniversary of closing is lower than the 30-day VWAP immediately prior to the closing date.
  • Debt-free basis: A subsidiary of Select acquired Pilot Water on a debt-free basis, according to the filing.
  • New credit facility: In connection with closing, Select's new $500 million revolving credit facility became effective and its previous sustainability-linked senior secured credit facility was terminated.
  • Target operations: Pilot Water Solutions LLC is described in the filing as a private water midstream company with primary operations in the Delaware Basin.

Select Water Solutions Completes Pilot Water Acquisition in Delaware Basin

Select Water Solutions, Inc. (NYSE:WTTR), headquartered in Gainesville, Texas, announced on November 2, 2026, that it had closed its previously announced acquisition of Pilot Water Solutions LLC. According to the filing, a subsidiary of Select acquired Pilot Water on a debt-free basis for aggregate consideration of approximately $700 million. That total included approximately $600 million of cash paid at closing, subject to customary post-closing adjustments, and 5,149,331 shares of Select's Class A common stock.

The filing further disclosed that one of the sellers holds a right to an additional $15 million contingent payment, payable upon the satisfaction of certain operational milestones expected in early 2027. A price protection provision was also included: the filing states that if Select's 30-day volume-weighted average price as of the trading day immediately prior to the six-month anniversary of the closing date is lower than the 30-day volume-weighted average price immediately prior to closing, the same seller will receive a cash true-up payment.

Concurrent with the closing, the filing states that Select's new credit agreement, providing for a $500 million revolving credit facility, became effective. Select's previous sustainability-linked senior secured credit facility was terminated at the same time. Chairman, President, and CEO John Schmitz is quoted in the filing stating that Pilot Water's "sizable contractual revenue, minimum volume commitments, and its significant operational and undeveloped capacity, complements Select's extensive acreage dedications and enables future growth and produced water volume capture." The filing includes cautionary language noting that forward-looking statements are subject to risks and uncertainties and are not guarantees of future performance.

What Was Disclosed

Select Water Solutions disclosed the closing of its acquisition of Pilot Water Solutions LLC for approximately $700 million in combined cash and stock, alongside a new $500 million revolving credit facility that replaced its prior credit agreement, effective November 2, 2026.