Summit Midstream Partners LP (NYSE: SMLP) said March 4 it has closed its acquisition of all of Summit Midstream Partners LLC's operating assets through a dropdown.

The total transaction is estimated at $1.2 billion. Consideration is structured as a $360 million initial payment and a deferred payment estimated at about $800 million to $900 million due in 2020.

The assets include all of the issued and outstanding membership interests of Summit Utica, Meadowlark Midstream and Tioga Midstream. In addition, SMLP will acquire a 40% equity interest in each of Ohio Gathering and Ohio Condensate.

The dropdown also includes a customer portfolio comprised of Gulfport Energy Corp. (NASDAQ: GPOR), XTO Energy Inc., EOG Resources Inc. (NYSE: EOG) and Hess Corp. (NYSE: HES).

In conjunction with the dropdown, SMLP has increased its revolving credit facility to $1.25 billion from $700 million.

The terms of the 2016 dropdown were approved by the board of directors of SMLP's general partner and by the board of director's conflicts committee, which consists entirely of independent directors.

Evercore Partners was independent financial adviser to the conflicts committee. Akin Gump Strauss Hauer & Feld LLP was its legal adviser.

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