Atlas Energy to acquire Hi Crush for $450M

Atlas Energy Solutions announced that it has entered into a definitive agreement with Hi Crush to acquire all of Hi-Crush’s Permian Basin proppant production assets and North American logistics operations in a transaction valued at $450M. The transaction consideration includes $150M in up-front cash, $175M in shares of common stock of AESI and $125M in deferred cash payments in the form of a Seller’s Note. Both the up-front cash consideration and the principal amount of the Seller’s Note are subject to revision for customary post-closing adjustments. The transaction is expected to close before the end of the first quarter of 2024.