Summit Midstream To Acquire Tall Oak Midstream Operating, LLC And Its Subsidiaries From An Affiliate Of Tailwater Capital For $155M Upfront Cash Consideration Plus Common Stock

Benzinga · Oct 2 05:06

This strategic acquisition marks a significant milestone in Summit's growth strategy, increasing scale in a credit and value accretive manner.

This deal also invloves approximately 7.5 million shares of a combination of SMC Class B common stock and a corresponding number of common units of the Partnership (in an Up-C structure), representing approximately 40% ownership in the pro forma Company.

The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions, shareholder approval and regulatory approvals.

In addition, Summit will pay $25 million contingent consideration in cash over certain measurement periods through March 31, 2026.

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Summit Midstream To Acquire Tall Oak Midstream Operating, LLC And Its Subsidiaries From An Affiliate Of Tailwater Capital For $155M Upfront Cash Consideration Plus Common Stock

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