Aris Water Solutions to be acquired by Western Midstream in $1.5B equity-and-cash deal

Aris Water Solutions, Inc.

WES to acquire Aris for 0.625 WES units or $25.00 cash/share (max $415M cash); total equity value ~$1.5B, enterprise value ~$2.0B.
Premium of 10% to 30-day VWAP and 23% to Aug 5 close; expected to close in Q4 2025, subject to approvals.
Targeting $40M annualized cost synergies; deal accretive to 2026 FCF per unit at ~7.5x consensus 2026 EBITDA.
Aris assets include 790-mile pipeline, 1,800 MBbl/d handling capacity, 625k dedicated acres; WES to assume $500M debt.
Support agreements from holders of ~42% of Aris shares; Aris to publish Q2 earnings Aug 11 but will not hold call.

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