Summit Midstream (SMC) said Monday it completed the acquisition of Tall Oak Midstream Operating and its subsidiaries from an affiliate of Tailwater Capital in a cash-and-stock deal.
The deal was valued at $155 million in cash, along with 7.5 million common units of Summit Midstream Partners LP and an equivalent number of Summit Midstream class B common shares.
The agreement also includes up to $25 million in contingent cash payments based on specific performance metrics through March 31, 2026, according to the company.
Summit shareholders approved the deal, which rebalances its portfolio to about 50% natural gas-oriented drilling activities, the company added.
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