Group 1 - Western Midstream (WES.US) has agreed to acquire Aris Water Solutions (ARIS.US) for approximately $1.5 billion in cash and stock, aiming to expand its business into the growing water treatment sector in the Permian Basin [1] - Shareholders of Aris will receive either 0.625 shares of Western Midstream common stock or $25 in cash for each share of Aris, representing a 23% premium over Aris's closing price on Tuesday [1] - The maximum cash payment in the transaction could be adjusted, with a cap of $415 million [1] Group 2 - The wastewater treatment business is becoming an increasingly important component of oil production, as approximately five barrels of wastewater are generated for every barrel of crude oil produced in the Permian Basin [2] - According to industry consulting firm Enverus, the water treatment volume in the Permian Basin has increased more than sevenfold over the past 15 years [2] - Aris controls about 790 miles of wastewater pipelines in the Permian Basin, capable of processing 1.8 million barrels of wastewater daily [1]