Archrock to acquire TOPS for $983M cash-and-stock; Q2 prelim rev $265-275M

Archrock, Inc.

Acquire TOPS for $983M (approx $826M cash + 6.87M shares); expected close by end 2024.
TOPS adds ~580,000 HP electric compression, primarily Permian; pro forma operating HP ~4.1M.
Transaction expected to be >10% accretive to EPS and >20% accretive to cash available for dividend per share in 2025.
Preliminary Q2 2024: revenue $265-275M, net income $33-35M, adjusted EBITDA $128-132M.
Archrock also announced a public offering of common stock to fund part of the cash consideration.

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