Basic Energy Services, Inc. (OTCPK:BASX) acquired C&J Well Services, Inc. from NexTier Oilfield Solutions Inc. (NYSE:NEX) for $93.7 million on March 9, 2020. As part of consideration, Basic Energy Services paid approximately $59.35 million in cash and $34.35 million in secured notes. The cash component of approximately $59.35 million consisted of cash on hand, proceeds from Basic Energy Services previously announced sale of its pumping services assets, and bridge financing of $15 million committed by Ascribe Capital. In addition, Basic Energy Services provided to NexTier an aggregate principal amount of $34.35 million of 10.75% senior secured notes due October 2023, contributed by Ascribe. For the year ended December 2019, C&J Well Services reported revenues of $451 million. Jack Renshaw, current Senior Vice President of C&J Well Services, will join Basic to lead the newly formed Western Region, consisting of all California and Rocky Mountain operations. Jim Newman, Senior Vice President, Region Operations, will continue to oversee operations in the Permian and Central Regions, as well as Agua Libre Midstream. Adam Hurley, current Vice President, Strategy and Business Development of Basic, will take on the role of Chief Integration Officer. The transactions contemplated by the agreement do not require the approval or consent of any Governmental Entity under applicable Environmental, Health & Safety Laws. As of March 9, 2020, Boards of Directors of both companies have approved the transaction on the unanimous recommendation of a special committee of independent directors.

Morgan Stanley & Co. LLC acted as financial advisor and James R. Griffin of Weil, Gotshal & Manges LLP acted as legal advisor to Basic Energy Services in the transaction. Lazard is serving as financial advisor to the special committee of the Board of Basic Energy Services. Evercore Group LLC acted as financial advisor and Russell B. Richards of King & Spalding acted as legal advisor to NexTier Oilfield Solutions in the transaction. Warren S. de Wied of Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal advisor to Ascribe. Gibson, Dunn & Crutcher LLP acted as legal advisor to Houlihan Lokey Howard & Zukin Financial Advisors, Inc. Houlihan Lockey, Inc. acted as fairness opinion provider to Basic Energy Services, Inc.

Basic Energy Services, Inc. (OTCPK:BASX) completed the acquisition of C&J Well Services, Inc. from NexTier Oilfield Solutions Inc. (NYSE:NEX) on March 9, 2020. As per filing dated November 2, 2020 Nextier received consideration in the aggregate amount of $95.7 million subject to customary reductions for indebtedness and transaction expenses, as well as post-closing working capital adjustments.