Ranger Energy Services, Inc. (RNGR): M&A transaction — Ranger Energy acquires American Well Services for ~$90.5M to become largest U.S. well-servicer

Ranger Energy Services, Inc.

Total consideration: $60M cash, 2M shares (~$12.51/share), plus $5M earnout contingent on $36M EBITDA in 12 months.
Acquisition adds ~25% to rig count; pro forma EBITDA expected >$100M with $4M annual synergies by end of 2026.
Funded via cash on hand and revolver; post-close leverage ~$50M (0.4x), expected to repay borrowings within one year.
Deal immediately accretive to earnings, EPS, and free cash flow, reinforcing capital return program.
Ranger becomes largest Lower 48 well-servicing provider, expanding Permian Basin scale and adding complementary service lines.

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Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Ranger Energy Services, Inc. completed an acquisition involving American Well Holdings, LLC for approximately $90.5 million (closed 2025-11-07).

Action: acquisition
Counterparty: American Well Holdings, LLC
Consideration: approximately $90.5 million
Closing: 2025-11-07

Exact text from the filing

supporting equipment primarily within the Permian Basin. Also on November 7, 2025, the Company completed the AWS Acquisition. The estimated purchase price was approximately $90.5 million, subject to certain adjustments set forth in the Purchase Agreement, and includes $60.5 million in cash and 1,998,401 shares of Class A Common Stock. Pursuant to the Purchase

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Ranger Energy Services, Inc. filing history →

Source: SEC EDGAR

accession 0001699039-25-000099

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