Summit Midstream Corp (SMC): M&A transaction — Summit Midstream acquires Moonrise Midstream for $90M, adding DJ Basin capacity

Summit Midstream Corp

Total consideration $90M: $70M cash (credit facility) + ~462k SMC shares ($20M equity).
Moonrise assets: 65 MMcf/d processing plant, ~80 miles gas gathering, ~25 miles crude oil pipeline, 22,300 hp compression.
Acquisition multiple ~5.0x 2024 Adj. EBITDA; cash portion ~3.9x, leverage-neutral.
Three rigs active in DJ Basin; customers have multi-year development plans starting 2026; Moonrise adds processing to alleviate constraints.
Registration rights: 3-month lock-up, then daily trading caps of 10k then 12k shares; piggyback rights included.

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Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Summit Midstream Corp completed an acquisition involving Fundare Resources Company HoldCo, LLC for $90,000,000 (closed 2025-03-10).

Action: acquisition
Counterparty: Fundare Resources Company HoldCo, LLC
Consideration: $90,000,000
Closing: 2025-03-10

Exact text from the filing

equity interests of Moonrise Midstream, LLC, a Delaware limited liability company (the “Acquired Company”), from the Seller, in exchange for aggregate consideration equal to $90,000,000, which consideration consisted of (i) $70,000,000 in cash consideration, subject to certain customary purchase price adjustments set forth in the Purchase Agreement, and (ii)

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15 m&a transactions filed in the last 30 days. Browse all m&a transactions →

Summit Midstream Corp filing history →

Source: SEC EDGAR

accession 0002024218-25-000025

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