Solaris (SOI) agrees to acquire Mobile Energy Rentals for $200M; issues preliminary Q2 results

Solaris Energy Infrastructure, Inc.

Purchase price $200M: $60M cash + $140M in Solaris Class B shares (~16.5M shares) to MER founders/management.
MER's run-rate Adjusted EBITDA ~$50M; purchase multiple ~4.0x; fleet to grow from 153 MW to 478 MW by Q3 2025.
Solaris secures $300M bridge loan from Santander, Texas Capital, Woodforest; expects <2.0x leverage at close.
Pro forma: management + MER team own >50% of shares; MER founders own ~27%; dividend maintained at $0.48/yr.
Preliminary Q2 2024: revenue $70-75M, Adjusted EBITDA $20-21M, net debt $11M; to rename to Solaris Energy Infrastructure (SEI).

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