Summit Midstream Sells to Crestwood Equity for $7.1B

TL;DR

Summit Midstream selling to Crestwood for $7.1B, deal expected Q2 2025.

AI Summary

Summit Midstream Corp. announced on January 7, 2025, that it has entered into a definitive agreement to sell its wholly-owned subsidiary, Summit Midstream Partners, LP, to Crestwood Equity Partners LP for an enterprise value of approximately $7.1 billion. This transaction is expected to close in the second quarter of 2025, subject to customary closing conditions.

Why It Matters

This significant acquisition by Crestwood Equity Partners LP will reshape the midstream energy landscape, potentially leading to operational synergies and changes in market dynamics for natural gas transmission.

Risk Assessment

Risk Level: medium — The transaction is subject to customary closing conditions, which introduces a level of uncertainty until completion.

Key Numbers

• $7.1B — Enterprise Value (Total value of the sale of Summit Midstream Partners, LP to Crestwood Equity Partners LP.)

Key Players & Entities

• Summit Midstream Corp. (company) — Registrant
• Summit Midstream Partners, LP (company) — Wholly-owned subsidiary being sold
• Crestwood Equity Partners LP (company) — Acquiring entity
• $7.1 billion (dollar_amount) — Enterprise value of the sale
• January 7, 2025 (date) — Date of the agreement
• second quarter of 2025 (date) — Expected closing period

FAQ

Key Financial Figures

• $250.0 million — reviously announced private offering of $250.0 million in aggregate principal amount of additi

Filing Documents

• ea022527702-8k_summit.htm (8-K) — 31KB
• ea022527702ex99-1_summit.htm (EX-99.1) — 9KB
• ex99-1_001.jpg (GRAPHIC) — 21KB
• 0001213900-25-001732.txt ( ) — 242KB
• smc-20250107.xsd (EX-101.SCH) — 3KB
• smc-20250107_lab.xml (EX-101.LAB) — 33KB
• smc-20250107_pre.xml (EX-101.PRE) — 22KB
• ea022527702-8k_summit_htm.xml (XML) — 4KB

01

Item 8.01 Other Events. On January 7, 2025, Summit Midstream Corporation, a Delaware corporation (the "Company"), issued a press release announcing that Summit Midstream Holdings, LLC, a subsidiary of the Company, has priced the previously announced private offering of $250.0 million in aggregate principal amount of additional 8.625% Senior Secured Second Lien Notes due 2029 (the "Additional Notes"). A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference. The offer and sale of the Additional Notes and the related guarantees have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable security, nor shall there be any sale of the Additional Notes and the related guarantees or any other security of the Company, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. Any offers of the Additional Notes will be made only by means of a private offering memorandum.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 99.1 Press Release, dated January 7, 2025. 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. 1

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Summit Midstream Corporation (Registrant) Dated: January 7, 2025 /s/ William J. Mault William J. Mault, Executive Vice President and Chief Financial Officer 2