04:26 PM EST, 12/02/2024 (MT Newswires) -- Summit Midstream ( SMC ) said Monday it completed the acquisition of Tall Oak Midstream Operating and its subsidiaries from an affiliate of Tailwater Capital in a cash-and-stock deal.

The deal was valued at $155 million in cash, along with 7.5 million common units of Summit Midstream Partners LP and an equivalent number of Summit Midstream ( SMC ) class B common shares.

The agreement also includes up to $25 million in contingent cash payments based on specific performance metrics through March 31, 2026, according to the company.

Summit shareholders approved the deal, which rebalances its portfolio to about 50% natural gas-oriented drilling activities, the company added.