Archrock, Inc. and Archrock Partners, L.P. Announce Stockholder and Unitholder Approval of Merger
April 25 2018 - 4:30PM
Archrock, Inc. (the “Company” or “Archrock”) (NYSE:AROC) announced
today that the stockholders of the Company approved the issuance of
shares of the Company’s common stock in connection with the
Company’s proposed merger (the “Merger”) with Archrock Partners,
L.P. (“Archrock Partners”) (NASDAQ:APLP). Approximately 99 percent
of the Archrock shares that were voted approved the share issuance.
In addition, at a special meeting held earlier today, Archrock
Partners unitholders voted to approve the merger agreement in
connection with the Merger. Approximately 90 percent of the
Archrock Partners units that were voted approved the Merger.
The Merger is subject to customary closing conditions and is
expected to close on April 26, 2018. Effective April 27,
2018, Archrock Partners common units will no longer be publicly
traded on the Nasdaq Global Select Market.
About Archrock
Archrock, Inc. is a pure-play U.S. natural gas contract
compression services business and a leading supplier of aftermarket
services to customers that own compression equipment in the United
States. Archrock is headquartered in Houston, Texas, operating in
the major oil and gas producing regions in the United States, with
approximately 1,700 employees. For more information, visit
www.archrock.com.
About Archrock Partners
Archrock Partners, L.P., a master limited partnership, is the
leading provider of natural gas contract compression services to
customers in the oil and natural gas industry throughout the United
States. Archrock, Inc. owns an equity interest in Archrock
Partners, L.P., including all of the general partner interest. For
more information, visit www.archrock.com.
Forward-Looking Statements
All statements in this release (and oral statements made
regarding the subjects of this release) other than historical facts
are forward-looking statements within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended. These
forward-looking statements rely on a number of assumptions
concerning future events and are subject to a number of
uncertainties and factors, many of which are outside the control of
Archrock and Archrock Partners, which could cause actual results to
differ materially from such statements. Forward-looking information
includes, but is not limited to, statements regarding the
anticipated completion of the proposed transaction and the timing
thereof.
While Archrock and Archrock Partners believe that the
assumptions concerning future events are reasonable, it cautions
that there are inherent difficulties in predicting certain
important factors that could impact the future performance or
results of their businesses. Among the factors that could cause
results to differ materially from those indicated by such
forward-looking statements are: the failure to realize the
anticipated costs savings, synergies and other benefits of the
transaction; the possible diversion of management time on
transaction-related issues; local, regional and national economic
conditions and the impact they may have on Archrock, Archrock
Partners and their customers; changes in tax laws that impact
master limited partnerships; conditions in the oil and gas
industry, including a sustained decrease in the level of supply or
demand for oil or natural gas or a sustained decrease in the price
of oil or natural gas; the financial condition of Archrock's and
Archrock Partners' customers; any non-performance by customers of
their contractual obligations; changes in customer, employee or
supplier relationships resulting from the transaction; changes in
safety, health, environmental and other regulations; the results of
any reviews, investigations or other proceedings by government
authorities; the results of any shareholder actions that may be
filed relating to the restatement of Archrock's financial
statements; the potential additional costs relating to Archrock's
restatement, cost-sharing with Exterran Corporation and to
addressing any reviews, investigations or other proceedings by
government authorities or shareholder actions; and the performance
of Archrock Partners.
These forward-looking statements are also affected by the risk
factors, forward-looking statements and challenges and
uncertainties described in each of Archrock's and Archrock
Partners' Annual Reports on Form 10-K for the year ended December
31, 2017, and those set forth from time to time in each party's
filings with the Securities and Exchange Commission (the “SEC”),
which are available at www.archrock.com. Except as required by law,
Archrock and Archrock Partners expressly disclaim any intention or
obligation to revise or update any forward-looking statements
whether as a result of new information, future events or
otherwise.
SOURCE: Archrock, Inc. and Archrock Partners,
L.P.
For information, contact:
Paul Burkhart, Vice President
Finance281-836-8688Investor.relations@archrock.com
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