Atlas Energy closes US$450m Hi-Crush buy

Subscribe to our newsletter and get the latest news and business opportunities in your inbox

Atlas Energy Solutions has closed on its US$450 million acquisition of Hi-Crush's Permian Basin proppant production assets and North American logistics operations.

The transaction comprises US$150 million in initial cash payment, US$175 million in AESI common stock shares, and US$125 million in deferred cash payments via a Seller’s Note. This merger brings together two prominent innovators in the Permian proppant sector, both holding substantial reserves of premium giant open dune sand in the region. It expands Atlas's logistics capabilities with the addition of Pronghorn, a leading provider of proppant logistics and wellsite services across multiple basins. By combining Atlas's leading logistics offering in the Delaware Basin (Dune Express) with Hi-Crush's logistics offerings in the Midland Basin (Oncore + Pronghorn), significant operational efficiencies are expected.

The transaction is slated for completion before the end of Q1 of 2024. Piper Sandler & Co. is the principal financial advisor to Atlas, with Goldman Sachs & Co. LLC also advising. Vinson & Elkins LLP serves as the legal advisor for the transaction. Moelis & Company LLC is the exclusive financial advisor to Hi-Crush, with legal advice provided by Baker Botts LLP.

List of the country updates

Country updates

  • March 21, 2024

    Ocean Winds acquires 50% equity share in SouthCoast Wind Energy LLC

    Shell New Energies US LLC (Shell), a subsidiary of Shell plc, has sold its 50% equity share in SouthCoast Wind Energy LLC (SouthCoast Wind) to joint venture partner Ocean Winds North America LLC...

    Read more
  • March 18, 2024

    Final Investment Decision announced for 320 MW Onshore Wind farm in USA

    Sempra Infrastructure, a subsidiary of Sempra announced that it reached a positive final investment decision for the development, construction and operation of the Cimarron wind project ...

    Read more
  • March 14, 2024

    EQT Corporation to acquire Equitrans Midstream Corporation in US$5.45billion merger

    EQT Corporation has announced the acquisition of natural gas provider Equitrans Midstream Corporation in an all-stock transaction valued at US$5.45 billion. The EQT Corporation and Equitrans Midstrea...

    Read more
  • March 14, 2024

    Altira Group Closed Altira Technology Fund VII

    Altira Group LLC (Altira), an energy-focused venture capital firm has closed Altira Technology Fund VII. Focused on growth-stage investments in transformative technologies across the e...

    Read more
  • March 12, 2024

    Power Purchase Agreement Signed for 349 MW Kelso Solar Project in Missouri

    Arevon Energy, Inc. and Meta Platforms, Inc. have signed two long-term Environmental Attributes Purchase Agreements (EAPA) for the 349 MW Kelso Solar Project in Scott County, Missouri, USA. The...

    Read more

Share this update