Atlas Energy Solutions Acquires Hi-Crush Permian Proppant Assets

February 27, 2024

Atlas Energy Solutions Inc. agreed to acquire Hi-Crush Inc.'s Permian Basin proppant production assets and North American logistics operations in a transaction valued at $450 million, comprised of $150 million cash up-front, $175 million in AESI common stock and $125 million in a seller's note. The deal (effective Feb 29, 2024) expands Atlas's pro forma production capacity to ~28 million tons, broadens its logistics capabilities (adding Pronghorn and OnCore), is expected to be accretive to CFPS/EPS and to yield over $20 million of annual synergies by 2026; the transaction excludes Hi-Crush's Northern White Sand mining assets and northeastern rail terminals.

Buyers
Atlas Energy Solutions Inc. (NYSE: AESI)
Targets
Hi-Crush Inc.
Sellers
Hi-Crush Inc., Clearlake Capital Group, L.P., Whitebox Advisors LLC
Industry
Energy
Location
Texas, United States
Transaction Type
Divestiture

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