Contract compression services provider Kodiak Gas Services Inc. on Thursday unveiled plans to acquire Distributed Power Solutions LLC in an equity and cash deal valued at $675 million that was built by three law firms.

The purchase price includes $575 million in cash and the issuance of roughly 2.4 million shares, representing around $100 million, of Kodiak common stock, according to a Thursday statement.

Sidley Austin LLP advised Kodiak, Jones Walker LLP advised Distributed Power Solutions, and Winston & Strawn LLP represented the selling parties.

Distributed Power Solutions provides turnkey, scalable, and reliable distributed power solutions to a variety of customers, the statement said. Its fleet includes around 384 megawatts of distributed power generation assets driven by a combination of Caterpillar reciprocating engines and turbines.

"Distributed power is a natural extension of our large horsepower operations skillset and meaningfully enhances our ability to deliver critical energy infrastructure solutions to our oil and gas customers, while opening new avenues of growth in the fast-growing digital infrastructure end market," said Kodiak President and CEO Mickey McKee in the statement.

"Distributed power demand is growing rapidly," McKee said. "We believe that the speed-to-deployment and competitive pricing relative to an increasingly constrained power grid make distributed power an attractive option for primary, long-term power."

The acquisition of Distributed Power Solutions will expand Kodiak's customer base into high-growth digital infrastructure companies and strengthen its relationships with certain upstream and midstream energy customers, the statement said.

Kodiak's team of Caterpillar-certified technicians, embedded maintenance routines, and fleet monitoring and management technologies will also increase the reliability and real-time monitoring of Distributed Power Solutions' fleet, according to the statement.

"This transaction represents an important milestone for DPS. We have built a scaled, high-quality fleet and a strong operating platform, and Kodiak is a natural platform to launch our next phase of growth," said Distributed Power Solutions President Scott Milligan in the statement. "Our shared focus on safety, reliability, and execution positions the combined organization well to serve customers and create long-term value."

When the deal closes, which is expected in early April 2026, Distributed Power Solutions' management team will join Kodiak.

The Sidley teams advising Kodiak included energy and infrastructure partners David Buck and Atman Shukla.

The Jones Walker team advising Distributed Power Solutions included partner Britton Seal.

The Winston & Strawn team advising the selling parties included partner Matthew Stockstill.