Nuverra Environmental Solutions soared nearly 40% in premarket trading as it will be acquired by Select Energy Services for $45 million.
Select Energy said it will exchange all of Nuverra's shares for 4.2 million shares of Select Energy class A stock in a deal valued at $45 million, net of cash and including the assumption of $20 million of long-term debt.
The transaction is expeced to be completed in Q1 2022, Select Energy said.