Summit Midstream to acquire Tall Oak Midstream III for $425M in cash and equity

Summit Midstream Corp

Total consideration of $425M: $155M cash plus 7.47M Class B shares and 7.47M partnership units; earnout up to $25M.
Adds 440 MMcf/d processing capacity, >400 miles pipelines, and >300,000 dedicated acres in the Arkoma Basin.
Pro forma leverage improved to 3.8x from 4.4x; acquisition multiple ~5.6x 2025E asset-level Adj. EBITDA.
Closing expected Q4 2024 subject to stockholder approval, HSR clearance, and other customary conditions.
Management expects financial flexibility to consider resuming dividends or share buybacks in 2025.

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