Western Midstream announces merger consideration election results

Western Midstream Partners, LP (NYSE: WES) and Aris Water Solutions, Inc. (NYSE: ARIS) announced preliminary results for shareholder elections regarding merger consideration forms in WES's pending acquisition of Aris.

Based on elections made by the October 7 deadline, holders of 21.2 million shares of Aris Class A Common Stock and 12.9 million Aris OpCo Stapled Units elected to receive $25.00 in cash per share. Holders of 1.9 million Class A shares and 9.3 million stapled units chose mixed consideration of $7.00 cash plus 0.450 WES common units. The remaining shareholders elected to receive 0.625 WES common units per share.

The companies estimate approximately 26.6 million WES common units will be issued and $415.0 million in cash will be paid to Aris shareholders. The cash elections exceeded the maximum $415.0 million cash consideration limit set in the merger agreement, requiring proration for shareholders who elected the all-cash option.

The merger agreement, dated August 6, 2025, allows Aris shareholders to choose among three consideration options for each share: all WES units, mixed cash and units, or all cash. The all-cash option is subject to the $415.0 million aggregate limit.

Results remain preliminary and subject to completion of guaranteed delivery procedures. Final certified results are expected shortly before closing. The transaction will be submitted to Aris shareholders at a special meeting scheduled for October 14, 2025.

Western Midstream operates midstream assets across Texas, New Mexico, Colorado, Utah, and Wyoming, engaged in natural gas gathering, processing, and transportation. Aris provides water handling and recycling solutions primarily in the Permian Basin.

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