ProFrac Holding, an energy services company, has purchased U.S. Well Services, a provider of electric pressure pumping services.

The deal will expand ProFrac’s fleet to 44 active fleets, including 12 electric and 3 Tier IV diesel fleets.

Matt Wilks, ProFrac’s executive chairman, commented, “The acquisition of U.S. Well Services solidifies ProFrac’s position as an industry leader in electric hydraulic fracturing, which we believe represents the industry’s future. In today’s environment, we believe electric frac fleets provide improved efficiency, lower R&M costs, greater value, and a lower overall cost of completion to our customers. It is a true win-win scenario for us, our customers, the environment and the communities in which we operate.”

Piper Sandler & Co. is acting as financial advisor, and Paul Hastings LLP is serving as legal advisor to the special committee of U.S. Well Services’ board of directors. Porter Hedges LLP is serving as legal advisor to U.S. Well Services. Jefferies LLC is acting as financial advisor, and Kirkland & Ellis LLP is serving as legal advisor to the special committee of ProFrac’s board of directors. Brown Rudnick LLP is acting as legal advisor, and Lowenstein Sandler LLP is serving as merger clearance counsel to ProFrac.