10:23 AM EDT, 03/10/2025 (MT Newswires) -- Summit Midstream ( SMC ) said Monday that its Summit Midstream Holdings unit acquired Moonrise Midstream from Fundare Resources for $90 million in a cash-and-stock deal.

The company said it paid $70 million in cash upfront and $20 million in equity representing about 500,000 shares of Summit Midstream ( SMC ). The cash consideration was financed through Summit Midstream's ( SMC ) credit facility, according to the company.

The company said the acquisition expands its gathering and processing footprint in the Denver-Julesburg Basin that is centered in eastern Colorado.

Shares of Summit Midstream ( SMC ) were down 1.3% in recent trading.

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