Delek Logistics Partners announced Thursday it has closed on the $230 million acquisition of Houston-based H2O Midstream.

According to a release, the transaction consists of $160 million in cash and $70 million in equity. No debt financing is involved.

Based in Brentwood and formed in 2012, Delek Logistics provides gathering, transportation, recycling, storage, water disposal and recycling services related to the energy industry.

H2O Midstream, the parent of Houston-based private equity firm EIV Capital, focuses on water gathering, transportation, recycling, storage and disposal services for oil and gas operations. Its geographic focus is the Midland Basin in Texas.

Delek Logistics said in the release the acquisition of H2O Midstream supports the company’s services to its existing and third-party customers in the Permian Basin (located primarily in West Texas), while providing synergies through cost optimization and cross product sales.

The release does not note if H2O Midstream will operate via the Delek Logistics name. Officials with both companies could not be reached for comment. The H2O LinkedIn page notes the company is home to 34 employees.

Shares of Delek Logistics Partners (ticker: DKL) were priced at $41.85, up $0.88 (2.15 percent) in late-morning trading.

Delek US Holdings Inc. and Delek Logistics Partners announced in August 2020 an ownership structure change (read here).

This article was first published by our sister publication the Nashville Post.