EQT to Form $8.8 Billion Midstream Joint Venture With Blackstone Credit & Insurance

MT Newswires Live11-25 20:21

EQT (EQT) said Monday it has entered into a definitive agreement with funds managed by Blackstone Credit & Insurance to form a new midstream joint venture valued at about $8.8 billion.

The joint venture will consist of EQT's ownership interest in the Mountain Valley Pipeline, FERC regulated transmission and storage assets, and the Hammerhead Pipeline.

Blackstone will give $3.5 billion in cash to EQT in exchange for a non-controlling common equity interest in the joint venture. The transaction is expected to close in Q4, EQT said.

EQT said it plans to use the proceeds to pay down its term loan and revolving credit facility, and to redeem and tender senior notes.

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