(WO) – Ranger Energy Services has completed its acquisition of assets tied to STEP Energy Services’ U.S. coiled tubing, fluid and nitrogen pumping, and related well services business, according to a regulatory filing. Ranger agreed to the deal under an asset purchase agreement disclosed at the end of August.
The acquired assets include coiled tubing units and related equipment, other operating assets and certain rights under leases associated with the acquired operations. Ranger also assumed certain obligations under facility, vehicle and equipment leases.
Aggregate consideration was about $27.5 million, subject to customary post-closing adjustments. That comprised $22.5 million in cash and 307,503 shares of Ranger Class A common stock, valued at $5.0 million based on the volume-weighted average price over the 30 trading days ending the day before closing. Ranger funded the cash portion with borrowings under its Wells Fargo revolving credit facility.
The sellers were STEP Energy Services (USA) Ltd., STEP Energy Services (Leasing) LLC, STEP Energy Services Holdings Ltd. and STEP Nitrogen Industrial Services (USA) Ltd.
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