Summit Drops $513M On Blackstone-Backed Midstream Co.

Law360, New York (January 10, 2013, 6:20 PM EST) -- Dallas-based Summit Midstream Partners LLC has agreed to pay $513 million for all the oil and natural gas gathering and processing assets of Bear Tracker Investments LLC, a midstream outfit controlled by The Blackstone Group LP's hedge fund sponsor.

The deal gives Summit — which is co-owned by $7 billion private equity firm Energy Capital Partners and GE Energy Financial Services — control of four Bear Tracker oil and natural gas gathering, processing and delivery systems, according to a statement from the buyer. Three of the...
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