中游天然气压缩公司Archrock Inc. (AROC)将以3.57 亿美元的现金和股票交易收购私人控股的Natural Gas Compression Systems Inc. (NGCS)，以深化 Archrock 在二叠纪盆地的业务。

NGCS 的业务包括约 351,000 马力，包括 316,000 马力的运行功率和 35,000 马力的合同新设备积压。NGCS 约 71% 的压缩功率在 Permian 运行，这将使 Archrock 的压缩能力提高 10%，达到约 250 万马力。

Archrock 在 3 月 10 日的新闻稿中表示，预计 Archrock 和 NGCS 将运行超过 450 万马力。此次交易是 Archrock于 8 月以9.83 亿美元收购压缩公司 Total Operations and Productions Services之后达成的。

Archrock 表示，NGCS 收购的交易倍数不到 2025 年 7 月年化调整后 EBITDA 预期运行率的 7.0 倍，不包括任何预期的协同效应。

Archrock 总裁兼首席执行官布拉德·奇尔德斯 (Brad Childers) 表示：“我们很高兴宣布收购 NGCS，这进一步增强了我们作为美国天然气压缩服务主要供应商的地位。随着 NGCS 的优质、大马力和电动压缩资产组合的加入，我们正在扩大规模并扩大客户关系，因为对天然气和压缩的需求仍然强劲。”

Archrock 表示，NGCS 交易还增强了其满足日益增长的低碳解决方案需求的能力。NGCS 运营的电动马达驱动压缩设备总计约 78,000 马力，与 Archrock 的电动马达驱动压缩业务相得益彰。该交易将使 Archrock 的电动马达驱动压缩马力增加至约 815,000 马力。

Archrock 计划通过其资产抵押贷款信贷安排以 2.98 亿美元现金为此次收购提供资金，并向卖方发行最多 231.2 万股 Archrock 新普通股。该公司表示，此次交易的融资方式“符合 Archrock 所述的 3.0 倍至 3.5 倍的目标杠杆率范围”。

该交易已获得 Archrock 董事会的一致批准，预计将于 2025 年第二季度完成，但须遵守惯例成交条件。

花旗银行担任 Archrock 的财务顾问，Latham & Watkins LLP 担任其法律顾问。Intrepid Partners LLC 担任 NGCS 的财务顾问，Honigman LLP 担任其法律顾问。

Midstream gas compression company Archrock Inc. (AROC) will acquire privately held Natural Gas Compression Systems Inc. (NGCS) in a $357 million cash-and-stock deal that deepens Archrock’s operations in the Permian Basin.

NGCS’ business includes approximately 351,000 hp, including 316,000 operating horsepower and a 35,000 hp backlog of contracted new equipment. About 71% of NGCS' compression horsepower operates in the Permian, which will increase Archrock’s compression capacity by 10% to approximately 2.5 million hp.

Pro forma, Archrock and NGCS will operate more than 4.5 million hp, Archrock said in a March 10 press release. The deal follows Archrock’s acquisition of compression firm Total Operations and Productions Services for $983 million, which closed in August.

The NGCS acquisition represents a transaction multiple of less than 7.0x expected run-rate of annualized July 2025 adjusted EBITDA, exclusive of any anticipated synergies, Archrock said.

"We're excited to announce our agreement to acquire NGCS, which further enhances our position as a premier provider of natural gas compression services in the United States," said Brad Childers, Archrock’s president and CEO. "With the addition of NGCS's portfolio of high-quality, large horsepower and electric compression assets, we are increasing our scale and expanding customer relationships as demand for natural gas and compression remains robust.”

Archrock said the NGCS deal also enhances its capacity to serve growing demand for lower carbon solutions. NGCS' operating electric motor drive compression equipment totals approximately 78,000 hp and is complementary to Archrock's electric motor drive compression operations. The deal will increase Archrock's electric motor drive compression horsepower to approximately 815,000 hp.

Archrock intends to fund the acquisition with $298 million in cash under its asset-based lending credit facility and issue up to 2.312 million new Archrock common shares to the sellers. The transaction’s funding approach is “consistent with Archrock's stated target leverage ratio range of between 3.0 times and 3.5 times,” the company  said.

The transaction has been unanimously approved by Archrock’s board and is expected to close in second-quarter 2025, subject to customary closing conditions.

Citi is serving as financial adviser and Latham & Watkins LLP as legal adviser to Archrock. Intrepid Partners LLC is serving as financial adviser and Honigman LLP as legal adviser to NGCS.