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Summit Midstream finalizes the acquisition of Tall Oak Midstream for $155 million

Summit Midstream Corporation announces the completion of the acquisition of Tall Oak Midstream for $155 million, strengthening its presence in the gas sector and balancing its energy portfolio.
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Summit Midstream Corporation (NYSE: SMC), through its subsidiary Summit Midstream Partners, LP, has completed the acquisition of Tall Oak Midstream Operating, LLC and its subsidiaries. The transaction includes a payment of $155 million in cash, the issuance of 7.5 million common units of the partnership along with 7.5 million Class B shares of SMC, and a contingent consideration of up to $25 million in cash, distributed over measurement periods through March 31, 2026.

This acquisition, overwhelmingly approved by shareholders during a special virtual meeting held on November 29, 2024, aligns with Summit’s growth strategy. With this transaction, the company repositions its portfolio, achieving an approximate 50% focus on natural gas activities. This diversification is expected to enhance the company’s financial and strategic resilience while maintaining an overall leverage ratio of about 3.8x as of September 30, 2024.

Strong shareholder support

The special meeting engaged 76.7% of eligible shares, with a 99.8% approval rate for the issuance of equity to finance the acquisition. This strong support reflects investors’ confidence in the opportunities brought by the transaction.

Strategic and financial benefits

The addition of Tall Oak Midstream to Summit’s portfolio expands its natural gas gathering and processing activities. This acquisition is considered value-accretive, increasing volumes and offering favorable leverage effects. Tall Oak, previously owned by a subsidiary of Tailwater Capital LLC, also brings operational synergies and improved service capabilities in key production basins.

Future outlook

With this acquisition, Summit is well-positioned to capitalize on growing opportunities in the natural gas sector while solidifying its role as a key player in U.S. energy infrastructure. Next steps include the integration of Tall Oak’s assets and leveraging new growth avenues.

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