M&A - MAMMOTH ENERGY SERVICES, INC.

Form Type: 8-K

Filing Date: 2025-04-17

Corporate Action: Acquisition

Type: New

Accession Number: 000167926825000015

Filing Summary: On April 11, 2025, Mammoth Energy Services, Inc. announced the completion of a Transaction where its subsidiary, Lion Power Services LLC, sold all equity interests in its wholly-owned subsidiaries 5 Star Electric, LLC, Higher Power Electrical, LLC, and Python Equipment LLC to Peak Utility Services Group, Inc. for approximately $108.7 million. The transaction price includes $98.3 million paid to Lion and $10.4 million to be held in an escrow account for post-closing adjustments and indemnified liabilities. Following the transaction, Phil Lancaster, the current CEO of Mammoth, will transition to become an employee of Peak upon the appointment of a successor CEO, for which a search has been initiated. Additionally, Mammoth Energy Services amended its revolving credit agreement with Fifth Third Bank, which permits a stock repurchase program, expansions to investment opportunities, and includes refinements to its borrowing calculations. A press release regarding the transaction was issued on April 14, 2025, and unaudited pro forma financial statements reflective of the disposition were included as exhibits.