Banking Recap

This transaction is a cash-and-stock acquisition in which Archrock, Inc. (ticker AROC), an energy-power sector company, is acquiring Total Operations and Production Services, LLC (TOPS). The deal falls under the M&A product group and carries a disclosed value of $983,000,000. The transaction is currently in pending regulatory status.

Deal value

The facts in this briefing are sourced from an SEC EDGAR Form 8-K filed and published on July 22, 2024.

On the financial advisory side, Evercore is acting as exclusive financial advisor to Archrock, the acquirer, in a lead role. Jefferies LLC is acting as exclusive financial advisor to TOPS, the target, also in a lead capacity.

Legal counsel follows the same structural split. Latham & Watkins LLP is acting as legal advisor to Archrock, the acquirer. Vinson & Elkins LLP is acting as legal advisor to TOPS, the target.

The facts block confirms this is a cash-and-stock acquisition with a disclosed value of $983,000,000, but does not specify the precise mix or ratio between cash and stock consideration, nor the exchange ratio for any stock component.

Several material facts remain undisclosed. No expected closing date is given. The specific cash and stock consideration split is not disclosed beyond the general subtype characterization, and no further detail on financing sources or post-closing governance is provided.

Archrock, Inc. Announces Acquisition for $983.0M