Summit Midstream acquires Bison Midstream for $250M

Bison Midstream is engaged in associated natural gas gathering in Mountrail and Burke counties in North Dakota. The Bison system consists of 300 miles of low-pressure and high-pressure gas gathering pipelines and six compressor stations with 5,950 horsepower of compression. SMLP closed and funded the $250M drop down acquisition of Bison, an indirect, wholly-owned subsidiary of Summit Investments, with $200M of cash drawn under SMLP's revolving credit facility and $50M of common units and general partner interests in SMLP issued to wholly-owned subsidiaries of Summit Investments at a price of $31.53 per unit. This price represents the five day volume weighted average price of SMLP units as of the market close on June 3.

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