Mammoth Energy Services (TUSK) surged more than 32% in recent Monday trading after disclosing the sale of three infrastructure subsidiaries to privately held Peak Utility Services Group for a total of $108.7 million.

The company received $98.3 million in cash at closing for its former Higher Power Electrical, 5 Star Electric, and Python Equipment units, with the remaining $10.4 million placed in escrow to cover potential indemnified liabilities and other post-closing adjustments.

Mammoth also said CEO Phil Lancaster will join Peak as an employee on July 1, or earlier if a successor is named.

Following the transaction, Mammoth's cash position rose to about $160 million. The company said it expects improved earnings due to the divestiture and its recent $11.5 million acquisition of eight small passenger aircraft under lease with a commuter airline.

Mammoth also amended its revolving credit facility to permit share repurchases of up to 10 million shares or $50 million, whichever is less.