Akin Gump Advises Summit Midstream Partners in Drop-Down Transaction
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(Houston) – Summit Midstream Partners, LP (SMLP) has entered into an agreement with a wholly owned subsidiary of Summit Midstream Partners, LLC (Summit Investments) to acquire all of the issued and outstanding membership interests of Summit Utica, Meadowlark Midstream, and Tioga Midstream. Akin Gump advised SMLP’s conflicts committee on the transaction.
In addition to the assets noted above, SMLP will acquire Summit Investments’ 40 percent equity interest in each of Ohio Gathering and Ohio Condensate. The total deal value is roughly $1.16 billion, with a $360 million initial payment and an estimated $800-900 million deferred payment. The transaction is expected to close in March.
The Akin Gump team advising the conflicts committee was led by oil and gas partner John Goodgame. It also included oil and gas senior counsel Rebecca Tyler and tax partner Alison Chen.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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