BUZZ-Solaris Energy rises on GESA acquisition
SOLARIS ENERGY INFRASTRUCTUR SEI | 0.00 |
** Shares of oil and gas infrastructure firm Solaris Energy SEI.N up 3.8% at $69.8 premarket
** Solaris announces the acquisition of Global Energy Services Alliance (GESA) to expand into full-cycle, end-to-end power generation capabilities
** Co says GESA is formed from the combination of Baseload Power and Pro-Per Energy Services
** Adds it strengthens technical talent base with expertise across installation, commissioning, operations, maintenance, and repairs for multiple turbine and generator types
** Co says the acquisition enables its entry into domestic and international markets, including grid-connected, co-located, and behind-the-meter power projects
** Co expects acquisition to be accretive to earnings and free cash flow per share
** Co says the transaction was funded with about $55 million in cash plus the issuance of roughly 3 million Solaris Class A shares
** At last close, SEI up 46.2% YTD
