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Summit Midstream to buy 2 gas gathering systems

DALLAS (AP) -- Summit Midstream Partners LP has bought two natural gas gathering systems for a total of $460 million.

The acquisitions include Bison Midstream LLC, which operates in two North Dakota counties, for $250 million in cash and stock. That system includes 300 miles of gas gathering pipelines and six compressor stations. Total throughput capacity on the system is in the process of being expanded by 50 percent to about 30 million cubic feet per day. 

Separately, Summit will pay MarkWest Energy Partners LP $210 million for natural gas gathering and compression assets in West Virginia's portion of the Marcellus shale. That system includes more than 40 miles of newly constructed, high-pressure gas gathering pipelines, certain rights-of-way associated with the pipeline and two compressor stations, Summit said.

Summit President and CEO Steve Newby said the acquisitions will give his company larger scale to execute its growth strategy, as well as diversify its customer and geographic footprints.