Archrock to buy HiVolt Energy for $415M cash plus $35M earnout, up to $450M

Archrock, Inc.

$415M cash at close plus up to $35M in earnout incentives tied to HiVolt's 2027-2029 performance; total transaction value up to $450M.
Price plus earnout paid through 2028 equals ~6.1x midpoint of HiVolt's expected 2028 adjusted EBITDA of $70-75M; ~70% backed by contracted/awarded work.
HiVolt brings 80+ MW of contracted prime power microgrid capacity under five-to-eight-year take-or-pay PPAs and access to 500+ MW of near-term Caterpillar generation equipment.
Expected immediately accretive to EPS and cash available for dividend per share; deal is debt-free and keeps pro forma leverage within Archrock's 3.0x-3.5x target.
Close expected early 2027 subject to HSR clearance; HiVolt will operate as a separate segment led by CEO Josh Evans. Evercore and BofA Securities advised.

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