By Dean Seal
Shares of Solaris Energy Infrastructure rose after the company said it had acquired power generation service provider Global Energy Services Alliance.
The stock rose 3.6% to $69.60. Shares have now gained 51% since the year started.
The company said before the opening bell that the deal strengthens its in-house technical capabilities and that it can now deliver full-cycle power solutions across multiple generator and turbine classes.
The acquisition will be funded with about $55 million of cash and the issuance of 3 million shares of Class A stock in Solaris. The deal is expected to immediately boost the company's earnings and free cash flow per share, Solaris said.
Write to Dean Seal at dean.seal@wsj.com