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(RTTNews) - Atlas Energy Solutions Inc. (AESI) stated Tuesday that it has finalized an agreement with Hi Crush Inc. to purchase all of Hi-Crush's Permian Basin proppant production assets and North American logistics operations for $450 million.
The deal involves $150 million in up-front cash, $175 million in Atlas common stock, and $125 million in deferred cash payments through a Seller's Note.
This acquisition combines Atlas's Dune Express logistics with Hi-Crush's Oncore + Pronghorn logistics to enhance operational efficiencies.
Following the acquisition, the combined pro forma production capacity is expected to reach around 28 million tons, with approximately 80% already under contract for 2024. The company foresees the acquired assets contributing between $110 million and $125 million in Adjusted EBITDA in 2024.
The transaction is projected to be finalized before the end of the first quarter of 2024.
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