M&A · Energy · Oil & Gas Field Services, NEC
ProFrac Holding Corp. to acquire U.S. Well Services, Inc.
Announced Jun 21, 2022 · Closed Nov 1, 2022
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- ProFrac Holding Corp. (PFHC)
- Target
- U.S. Well Services, Inc. (USWS)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Nov 1, 2022
Deal protections
- Break fee (target pays)
- $8.0M
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Jefferies
- To the target
- Piper Sandler
- Jefferies fee
- $1.0M
Sector context · Energy
- Comparable deals
- 34 in the prior 24 months
- Premium
- Sector median 27.3%
- EV / Adj. EBITDA
- Sector median 12.2x
- Break fee
- Sector median 2.8%
Timeline
- AnnouncedJun 21, 2022
- Proxy filedSep 28, 2022
- Definitive proxySep 28, 2022
- Shareholder voteOct 31, 2022
- ClosedNov 1, 2022
Valuation · fairness opinions
Trading comparablesJefferies$18.70$28.79
Trading comparablesJefferies$18.08$31.96
Trading comparablesJefferies$17.38$33.47
Trading comparablesJefferies$29.06$41.11
Trading comparablesJefferies$0.12$0.62
Analyst price targetsPiper Sandler$1.00$1.30
Implied value per U.S. Well Services, Inc. share by analysis, from Jefferies and Piper Sandler.