Delek Logistics Partners (DKL) agreed to acquire the Gravity Water Midstream division of Gravity Oilfield Services for $285 million in cash and equities, according to a joint statement Thursday.
Under the deal, Delek will pay Clearlake Capital Group-owned Gravity $200 million in cash and $85 million in units for the division.
Gravity Water Midstream provides gathering, transportation, recycling, storage, and disposal services for produced water in Texas' Midland Basin in Texas and North Dakota's Williston Basin.
Delek said the acquisition, expected to close in Q1, is "synergistic" to its recent acquisition of H2O Midstream and bolsters its crude and produced water gathering and disposal services offerings in the Midland Basin.
The company also said it has secured about 34,000 additional acreage dedication in the Midland Basin, bringing its total to about 400,000 acres.
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