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Matlin/Partners Acquisition, US Well Services Merge to Create Publicly Traded Company
Thursday 19 July 2018

19 July 2018 - Connecticut, US-based special purpose acquisition company Matlin and Partners Acquisition Corp. (NASDAQ: MPAC) (NASDAQ:, MPACU) (NASDAQ: MPACW) has entered into a merger and contribution agreement with Texas, US-based oilfield service company US Well Services, LLC (USWS) to become a publicly listed company with an anticipated initial total enterprise value of approximately USD 588m, the company said.
Funds managed by Crestview Partners are leading a USD 135m committed PIPE investment in the combined company for USD 10.00 per share to provide incremental equity capital to accelerate the rollout of USWS' electric Clean Fleet technology.
Upon the completion of the business combination, MPAC will be renamed US Well Services, Inc. and is expected to trade on the NASDAQ Capital Market.
The transformative growth capital provided by the transaction will advance USWS' ability to deliver economic benefits to its customers and a path to creating significant value for its investors.
According to Matlin, the combination creates a company that is well-positioned to capitalise on market opportunities created by increasing development of shale plays, a shift to multi-well pads and rising completion intensity that is creating a need for innovative solutions that address cost, safety, environmental impact and regulatory considerations.
Matlin and Partners acquisition Corp. was incorporated in March 2016 for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganisation or similar business combination with one or more businesses.
US Well Services, provides high-pressure, hydraulic fracturing services in unconventional oil and natural gas basins. Both our conventional (diesel) and Clean Fleet (electric) hydraulic fracturing fleets are among the most reliable and highest performing fleets in the industry, with the capability to meet the most demanding pressure and pump rate requirements in the industry.
Founded in 2004, Crestview Partners is a value-oriented private equity firm. The firm is based in New York and manages funds with over USD 7bn of aggregate capital commitments.
Crestview primarily focusses on specialty areas including energy, media, industrials and financial services.
MPAC was advised on the business combination by Cantor Fitzgerald and Co. with Bracewell LLP as legal counsel. Piper Jaffray and Co., through its Simmons and Company International division, acted as financial advisor, and Winston and Strawn LLP acted as legal advisors to USWS. Vinson and Elkins L.L.P. acted as legal counsel to Crestview.
Date Published: 19/07/2018
Target: US Well Services, LLC
Country: USA
Deal Size: 588m (USD)
Sector: Petroleum/Natural Gas/Coal
Type: Merger
Financing: Stock
Status: Agreed
Buyer: Matlin and Partners Acquisition
Buyer Advisor: Cantor Fitzgerald and Co , Bracewell LLP