secwatch.observer — SEC 8-K summary
======================================

Issuer:     Select Water Solutions, Inc. (WTTR)
CIK:        0001693256
Form:       8-K
Filed at:   2026-09-24T20:45:44+00:00
Accession:  0001104659-26-110440
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 3.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Select Water buys Pilot Water for $600M cash + $100M stock, plus $15M earnout
-----------------------------------------------------------------------------

- Acquires Pilot Water Solutions, private Delaware Basin water midstream, for $700M cash/stock plus $15M contingent earnout.
- Pilot Water 2026E Adjusted EBITDA $100–110M, growing to $120–130M in 2027; targets $10–15M cost synergies.
- Adds 2.7M bbl/day permitted disposal, 0.9M undeveloped, 700+ miles pipeline; combined MVCs >600k bbl/day.
- Expected close Q4 2026 subject to HSR and regulatory approvals; pro forma net leverage <2.0x at closing.
- Separately sold 55% of Peak Rentals for $41.5M cash + $35.3M seller note; retains 45% interest.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1693256/000110465926110440/0001104659-26-110440-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1693256/000110465926110440/tm2625939d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-110440

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer