Banking Recap

Summit Midstream Corp Announces Acquisition for $155.0M

This transaction is a cash and equity acquisition in which Summit Midstream Corp, trading under the ticker SMC, is acquiring Tall Oak Midstream Operating LLC and related Tall Oak entities, including Tall Oak Midstream III, from Tailwater Capital. The deal is classified within the energy and power sector, and the disclosed value of the transaction is 155,000,000 dollars.

Oct 2, 2024·SEC EDGAR (8-K)·pending regulatory·cash and equity acquisition

Deal value

The transaction is sourced from an SEC EDGAR Form 8-K filing published on October 2, 2024. Based on the facts provided, the deal's status is pending regulatory approval.

On the financial advisory side, TPH&Co., described in the source material as the energy business of Perella Weinberg Partners, served as exclusive financial advisor to Tailwater Capital, the sponsor and seller in this transaction, and is identified as the lead advisor in that role. Guggenheim Securities, LLC served as financial advisor to Summit, the acquirer, and is likewise identified as the lead advisor for Summit.

On the legal side, Locke Lord LLP served as legal advisor to Summit, the acquirer. Kirkland & Ellis LLP served as legal advisor to Tall Oak Midstream and Tailwater Capital, covering both the target entities and the sponsor on the seller side.

Beyond confirming that this is a cash and equity acquisition with a disclosed value of 155,000,000 dollars, no further detail on the specific split between the cash and equity components of the consideration is included in the facts available.

Several elements of this deal remain undisclosed. No specific breakdown between the cash and equity portions of the 155,000,000 dollar consideration is given, and no expected closing date is provided. The facts also do not specify what regulatory approvals are required to complete the transaction.