Tailwater Capital Announces Sale of Tall Oak Midstream III to Summit Midstream Corporation

DALLAS, Oct. 1, 2024 /PRNewswire/ -- Tailwater Capital LLC ("Tailwater"), an energy and environmental infrastructure private equity firm, today announced that it has entered into definitive agreements with Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") and its wholly owned subsidiary Summit Midstream Partners, LP (the "Partnership"), whereby Summit will acquire Tall Oak Midstream Operating, LLC and its subsidiaries (collectively, "Tall Oak" or "Tall Oak Midstream III") for a total consideration of approximately $450 million. Consideration is comprised of $155 million in cash, approximately 7.5 million shares of a combination of SMC Class B common stock and common units of the Partnership (in an Up-C structure), representing approximately 40% ownership in the pro forma company, and up to $25 million contingent consideration in cash over certain measurement periods through March 31, 2026.