Summit Midstream (SMC) said Monday that its Summit Midstream Holdings unit acquired Moonrise Midstream from Fundare Resources for $90 million in a cash-and-stock deal.
The company said it paid $70 million in cash upfront and $20 million in equity representing about 500,000 shares of Summit Midstream. The cash consideration was financed through Summit Midstream's credit facility, according to the company.
The company said the acquisition expands its gathering and processing footprint in the Denver-Julesburg Basin that is centered in eastern Colorado.
Shares of Summit Midstream were down 1.3% in recent trading.
Price: 39.15, Change: -0.51, Percent Change: -1.29
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