Akin Gump advised the conflicts committee of the board of directors of Summit Midstream Partners, LP (SMLP) in a $255 million “drop-down” acquisition by its subsidiary Bison Midstream, LLC of the equity interests of certain SMLP subsidiaries.
The assets to be acquired as part of the deal include certain crude oil and produced water gathering systems and transmission pipelines located in the Williston Basin. Subject to the achievement of certain development milestones, SMLP will also have a six-month option to acquire a crude oil transmission project currently under development in the Williston Basin from a subsidiary of Summit Investments for an additional $35 million. The acquisition is expected to close before May 31.
Oil and gas partner John Goodgame and senior counsel Christopher Arntzen led the Akin Gump team advising the SMLP conflicts committee, together with associate Cynthia Angell, also part of the oil and gas practice, and tax partner Alison Chen.
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