One-Page Deal Sheet
Pioneer Sells Pressure Pumping Assets to ProPetro in $400MM Deal
ProPetro Holding Corp. Pioneer Natural Resources Co.
Announced Date
November 13,2018
Close Date
January 02,2019
Transaction Type
Asset
Transaction Details: Subscribe to see
ProPetro Holding Corp. has entered into an agreement with affiliates of Pioneer Natural Resources Company by which ProPetro will become a strategic long-term service provider to Pioneer providing pressure pumping and related services for a term of up to 10 years.
Under the agreement, ProPetro will acquire Pioneer's pressure pumping assets in exchange for total consideration of $400 million (comprised of $110 million of cash and 16.6 million shares of ProPetro common stock, representing approximately 17% Pioneer ownership in ProPetro following issuance).
This deal closed on January 2, 2019.
Ass…