WES to acquire Aris Water Solutions in $415M cash-plus-stock deal

Western Midstream Partners, LP

Each Aris share elects 0.625 WES units, $25 cash (capped at $415M total), or 0.450 units + $7 cash.
Aris stockholders expected to own ~7% of WES post-closing.
Aris board unanimously approved; requires Aris stockholder vote, HSR, S-4 effectiveness.
Termination fee of $57M payable by Aris under certain conditions.
Aris and WES also amended Tax Receivable Agreement with $80M cash payment to terminate it.

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