Archrock falls after announcing acquisition of Apollo-owned firm, stock offering

Archrock

22/07/2024 22:27

** Archrock's  AROC.N  shares down 6.9% at $21.75 in
extended trading as energy infrastructure firm plans equity
raise to fund recently announced acquisition
    ** Houston-based firm announces $983 mln cash-and-stock buy
of Total Operations and Production Services, contract gas
compression services provider for Permian Basin and portfolio co
of Apollo Global Management  APO.N 
    ** AROC commences 11 mln share offering to fund cash portion
of deal
    ** AROC shares on Mon closed up 2.1% at $23.35, giving co
about $3.65 bln market cap, per LSEG
    ** JP Morgan, Evercore, Wells Fargo and Citigroup leading
the equity offering
    ** Through Mon, AROC shares up ~52% YTD and have more than
doubled over the past 12 months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))