Berry Corporation entered into an agreement to acquire Substantially All of the Basic Energy Services, Inc.'s assets in California for $27 million.

Berry Corporation (NasdaqGS:BRY) entered into an agreement to acquire Substantially All of the Basic Energy Services, Inc.'s assets in California for $27 million on August 17, 2021. The purchase price of $27 million increased to $43 million Bry intends to fund the $27 million purchase price with cash on hand upon completion of a successful bid process. Under the terms of the APA, bry would acquire Basic's well servicing, specialized completion and remedial services, and water logistics services businesses in California.

The asset purchase agreement is subject to Bankruptcy Court approval. Weil, Gotshal & Manges LLP acted as a legal advisor to Basic Energy Services, Inc. Lazard Ltd s serving as financial advisor and AlixPartners, LLP is serving as restructuring advisor. Kirkland & Ellis LLP acted as legal advisor to Berry Corporation.