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.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。