M&A · Energy · Oil & Gas Field Services, NEC
Western Midstream Partners, LP to acquire Aris Water Solutions, Inc.
Announced Aug 6, 2025 · Closed Oct 15, 2025
Deal value$1.50BEV $1.50B
Premium—To unaffected price
EV / Adj. EBITDA7.3x3.3x EV / Revenue
ConsiderationCash and stock$25.00 per share
Transaction
- Acquirer
- Western Midstream Partners, LP (WES)
- Target
- Aris Water Solutions, Inc. (ARIS)
- Buyer type
- Strategic
- Offer price per share
- $25.00
- Enterprise value
- $1.50B
- Status
- Closed Oct 15, 2025
Deal protections
- Break fee (target pays)
- $57.0M · 3.8%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- BofA Securities
- To the target
- Citigroup, Houlihan Lokey
- Citigroup fee
- $20.0M
Sector context · Energy
- Comparable deals
- 40 in the prior 24 months
- Premium
- Sector median 18.9%
- EV / Adj. EBITDA
- 7.3x vs. 8.6x sector median
- Break fee
- 3.8% vs. 3.0% sector median
Timeline
- AnnouncedAug 6, 2025
- Proxy filedSep 12, 2025
- Definitive proxySep 12, 2025
- Shareholder voteOct 14, 2025
- ClosedOct 15, 2025
Valuation · fairness opinions
Trading comparables$20.00$28.70
Trading comparables$19.60$26.75
Trading comparables$24.35$28.50
Offer $25.00
Implied value per Aris Water Solutions, Inc. share by analysis, from Citigroup.