EQT to Buy Mountain Valley Gas Pipeline Owner for $5.2 Billion
(Bloomberg) -- US natural gas producer EQT Corp. agreed to buy back its former unit Equitrans Midstream Corp. in an all-stock transaction valued at about $5.2 billion, the latest in a flurry of deals in the oil and gas industry.
Each outstanding share of Equitrans will be exchanged for 0.3504 of a shares of EQT, EQT said in a statement Monday.
Equitrans owns and operates 940 miles of interstate pipelines, according to its website. The company owns the controversial Mountain Valley Pipeline project, which is years behind its original schedule after facing legal battles and local opposition. Equitrans was spun out of EQT in 2018 following a campaign by activist investment firm Jana Partners.
The deal adds to a string of pipeline transactions announced in North America that have included ONEOK Inc.’s purchase of Magellan Midstream Partners LP in September and Energy Transfer LP’s takeover of Crestwood Equity Partners LP in November.
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