Archrock slides as stock offering prices to fund buy of Apollo-owned TOPS

Archrock

23/07/2024 12:50

** Shares of energy infrastructure firm Archrock  AROC.N 
down 8.8% at $21.30 premarket after acquisition-related equity
offering prices
    ** Houston-based AROC sells 11 mln shares at $21, 10.1%
discount to stock's last sale on Mon
    ** AROC to use estimated net offering proceeds of $223 mln
to fund cash portion of acquisition of Total Operations and
Production Services (TOPS)
    ** Late Mon, it announced $983 mln cash-and-stock buy of the
Permian Basin natgas compression services provider from Apollo
Global Management  APO.N 
    ** AROC will have ~167.29 mln shares outstanding post equity
offering
    ** Through Mon, AROC shares up 52% YTD. Stock was trading
around $11 a year ago
    ** JP Morgan, Evercore, Wells Fargo and Citigroup are jt
bookrunners for the offering

 (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))