Hi-Crush Partners (HCLP) Acquires Blair Facility in Cash, Stock, and Contingent Deal
- Apple (AAPL) Tops Q4 EPS by 2c; Issues Solid Outlook
- Wall Street slips on earnings; Apple falls late after results
- Chipotle Mexican Grill (CMG) Posts Q3 EPS of $0.27; Comps Miss Views; Additional Stock Buyback Approved
- Pandora (P) Misses Q3 EPS by 1c, Q4 Revenue Guidance Falls Short
- After-Hours Movers 10/25: (OGXI) (AKAM) (VRTX) Higher; (EW) (NUVA) (CMG) (AAPL) Lower (more...)
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Hi-Crush Partners LP (NYSE: HCLP) "Hi-Crush" or the "Partnership" announced today that it has entered into a contribution agreement with Hi-Crush Proppants LLC ("Proppants") to acquire Hi-Crush Blair LLC ("Blair"), the entity that owns Proppants' raw frac sand processing facility located in Blair, Wisconsin. Blair has 1,285-acres of Northern White reserves, with a plant processing capacity of approximately 2.86 million tons of 20/100 frac sand per year.
Under the terms of the transaction, the Partnership will pay cash consideration of $75 million to Proppants, issue 7,053,292 of common units, and pay up to $10 million of contingent earnout consideration. At the closing of the acquisition, the Partnership will own all of Blair's membership interests. The acquisition is expected to close in September 2016, subject to regulatory approvals and other closing conditions.
Lazard Frères & Co. LLC acted as financial advisor to Proppants. Evercore Partners L.L.C. advised the Conflicts Committee, comprised entirely of independent directors of the Board of Directors of the general partner of the Partnership, which unanimously approved the transaction.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- PRGX Global (PRGX) to Acquire SaaS P2P SIM Service Provider Lavante
- MediaNews Commences Previously Announced Partial Tender Offer for Monster (MWW) Common Stock
- Kinross Gold (KGC), Yorbeau Resources Enter Option Agreement on Rouyn Property
Create E-mail Alert Related CategoriesCorporate News, Management Comments, Mergers and Acquisitions
Related EntitiesLazard, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!