08:52 AM EST, 11/10/2025 (MT Newswires) -- Ranger Energy Services ( RNGR ) said Monday it has acquired American Well Services, a Permian Basin-focused well services provider, from Argonaut private equity for about $90.5 million.

The company said the deal includes $60 million in cash, 2 million in its shares priced at $12.51 determined in early deal discussions, and a $5 million earn-out contingent on American Well Services achieving $36 million in EBITDA within 12 months of closing.

The acquisition is structured as a cash-free, debt-free transaction, with the cash portion funded through existing cash and borrowings on its revolving credit facility, the company said.

Ranger said it expects annual synergies of $4 million anticipated to be fully realized by the end of 2026.