Matlin & Partners Acquisition (MPAC) and U.S. Well Services have wrapped up their previously announced merger to create an enlarged company that provides hydraulic fracturing services including electric-powered fracturing.
Image: MPAC completes merger with U.S. Well Services. Photo: courtesy of rawpixel / Unsplash.
In connection with the transaction, MPAC has been renamed U.S. Well Services, Inc. (“USWS”‘).
USWS’ fully electric frac technology is set to transform and disrupt the hydraulic fracturing industry through substantial customer fuel savings, improved operating efficiency, and safer operations with reduced noise and lower emissions.
USWS CEO Joel Broussard said: “We are pleased to complete this transaction and to advance the rollout of our proprietary electric frac technology. With this business combination, USWS will have a strong financial position, enabling us to capture significant growth opportunities ahead.
“USWS continues to gain momentum with recently announced contract signings as customers better recognize the benefits of electric frac. Driven by our commitment to safe, environmentally friendly and efficient operations, we are well-positioned to accelerate growth and create value for our combined stockholders.”
MPAC former chairman and CEO David Matlin said: “The completion of this transaction represents a successful outcome of our goal to find a strong partner with a unique platform for future growth.
“As a publicly traded company with transformative growth capital, USWS will be well-positioned to execute on its growth plan. As a member of the USWS Board, I look forward to working closely with Joel and the USWS team to drive value for our stockholders.”
Source: Company Press Release