United States Natural Gas Producer EQT Corporation to Buy Equitrans Midstream for $5.5 Billion in All-Share Merger Deal to Create $35 Billion Energy & Natural Gas Giant
16th March 2024 | Hong Kong
United States natural gas producer EQT Corporation has announced to buy Equitrans Midstream for $5.5 billion in an all-share merger deal to create a $35 billion energy & natural gas giant. Announcement: “Under the terms of the merger agreement, unanimously approved by the Boards of both companies, EQT will acquire Equitrans in an all-stock transaction. Each outstanding share of Equitrans common stock will be exchanged for 0.3504 shares of EQT common stock, representing an implied value of $12.50 per Equitrans share based on the volume weighted average price of EQT common stock for the 30 days ending on March 8, 2024. As a result of the transaction, EQT’s existing shareholders are expected to own approximately 74% of the combined company and Equitrans’ shareholders are expected to own approximately 26%. The transaction is expected to close during the fourth quarter of 2024, subject to required regulatory approvals and clearances, approval of the transaction by shareholders of both EQT and Equitrans, and other customary closing conditions. The transaction closing is contingent on FERC authorizing MVP to commence service. Upon the closing of the transaction, three representatives from Equitrans will join EQT’s Board of Directors. EQT’s executive management team will lead the combined company with headquarters remaining in Pittsburgh, Pennsylvania.”
“ United States Natural Gas Producer EQT Corporation to Buy Equitrans Midstream for $5.5 Billion in All-Share Merger Deal to Create $35 Billion Energy & Natural Gas Giant “
United States Natural Gas Producer EQT Corporation to Buy Equitrans Midstream for $5.5 Billion in All-Share Merger Deal to Create $35 Billion Energy & Natural Gas Giant
About EQT Corporation
EQT Corporation is a leading independent natural gas production company with operations focused in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do.
About Equitrans Midstream Corporation
Equitrans Midstream Corporation has a premier asset footprint in the Appalachian Basin and, as the parent company of EQM Midstream Partners, is one of the largest natural gas gatherers in the United States. Through its strategically located infrastructure assets in the Marcellus and Utica regions, Equitrans has an operational focus on gas transmission and storage systems, gas gathering systems, and water services that support natural gas development and production across the Basin. With a rich 140-year history in the energy industry, Equitrans was launched as a standalone company in 2018 with a vision to be the premier midstream services provider in North America. While working to meet America’s growing need for clean-burning energy, Equitrans is proud of its environmental, social, and governance (ESG) practices, striving every day to preserve and protect the environment, provide an engaging workplace for its employees, support and enrich its local communities, and to deliver sustained value for customers and shareholders.
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