News Summary
Houston’s Solaris Oilfield Infrastructure is rebranding as Solaris Energy Infrastructure and has announced a $200 million acquisition of Mobile Energy Rentals LLC. This transformation includes a new ticker symbol ‘SEI’ on the NYSE, with financial backing through a $325 million term loan and a new $75 million revolving credit facility. The company is set to enhance its service offerings across various markets, positioning itself for future growth while focusing on sustainability and innovation.
Texas – Solaris Oilfield Infrastructure has officially transitioned to Solaris Energy Infrastructure, Inc., following a significant acquisition of Mobile Energy Rentals LLC (MER) for $200 million. This rebranding effort, unveiled in September 2024, marks a strategic shift for the company, which intends to enhance its market presence and operational capabilities across various sectors, including energy and commercial industries.
The name change will take effect alongside the acquisition, with Solaris Energy Infrastructure retaining its primary listing on the New York Stock Exchange (NYSE) under the new ticker symbol “SEI.” The previous ticker symbol “SOI” associated with Solaris will cease trading at the close of trading on the announcement date. The new trading symbol will officially come into use starting September 12, 2024.
In preparation for the acquisition, Solaris has secured a new $325 million senior secured term loan. This financial move is part of the broader strategy to solidify operations and expand into new markets. The company is also in the process of finalizing a $75 million revolving credit facility, which is expected to remain undrawn once completed. These agreements will replace a previously established $300 million secured bridge term loan facility, demonstrating Solaris’s commitment to maintaining a solid financial foundation.
Bill Zartler, Chairman and CEO of Solaris, highlighted the importance of integrating complementary skill sets and technologies under the new company identity. The acquisition of Mobile Energy Rentals LLC is anticipated to bring an experienced team and a range of solutions that will boost Solaris’s growth prospects across multiple markets, particularly in the oilfield sector and in commercial and industrial applications, such as data centers.
Solaris Energy Infrastructure focuses on providing mobile and scalable equipment-based solutions for distributed power generation, while also managing raw materials for oil and natural gas well completion. The company is headquartered in Houston, Texas, positioning it strategically to serve various U.S. end markets, including both the energy sector and commercial fields.
The company operates as a founding member of NYSE Texas, reinforcing its dedication to growth and innovation within the energy infrastructure landscape. The transition to Solaris Energy Infrastructure and the acquisition of MER are seen as critical steps toward enhancing the company’s competitive edge and operational efficiency in today’s evolving energy economy.
For additional details about the company’s new direction and offerings, interested parties are encouraged to visit the company’s website at solaris-energy.com. Yvonne Fletcher serves as the Senior Vice President of Finance and Investor Relations, overseeing financial communications and investor relations strategies during this time of transition.
Deeper Dive: News & Info About This Topic
- TipRanks: Solaris Energy Announces Dual Listing
- Business Wire: Solaris Completes Acquisition
- Hart Energy: Solaris to Acquire Mobile Energy Rentals
- Rigzone: Solaris Oilfield Infrastructure Takes Over Mobile Energy Rentals
- MSN: Solaris Energy Dual Lists on NYSE
- Wikipedia: Solaris Energy
- Google Search: Solaris Energy
- Encyclopedia Britannica: Solaris Energy
- Google News: Solaris Energy
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