Brief: Eqt Announces Transformative Acquisition Of Equitrans Midstream

Equitrans Midstream

11/03/2024 10:30

March 11 (Reuters) - EQT Corp  EQT.N :
    * EQT ANNOUNCES TRANSFORMATIVE ACQUISITION OF EQUITRANS
MIDSTREAM
    * EQUITRANS MIDSTREAM CORP - ALL STOCK TRANSACTION WITH
COMBINED
COMPANY ENTERPRISE VALUE OVER $35 BILLION
    * EQUITRANS MIDSTREAM CORP: PROPOSED DEAL FOR INITIAL
ENTERPRISE
VALUE OVER $35 BILLION
    * EQUITRANS MIDSTREAM CORP - ANNUAL SYNERGIES OF $250
MILLION WITH
IDENTIFIED UPSIDE TO MORE THAN $425 MILLION
    * EQUITRANS MIDSTREAM CORP: EACH OUTSTANDING SHARE OF
EQUITRANS
COMMON STOCK WILL BE EXCHANGED FOR 0.3504 SHARES OF EQT COMMON
STOCK
    * EQUITRANS MIDSTREAM CORP: PROPOSED DEAL FOR IMPLIED VALUE
OF
$12.50 PER EQUITRANS SHARE
    * EQUITRANS MIDSTREAM CORP - TRANSACTION CLOSING IS
CONTINGENT ON
FERC AUTHORIZING MVP TO COMMENCE SERVICE
    * EQUITRANS MIDSTREAM CORP - UPON CLOSING OF TRANSACTION,
THREE
REPRESENTATIVES FROM EQUITRANS WILL JOIN EQT'S BOARD OF
DIRECTORS
    * EQUITRANS MIDSTREAM CORP: PROPOSED DEAL UNANIMOUSLY
APPROVED BY
BOARDS OF BOTH COMPANIES
    * EQUITRANS MIDSTREAM CORP - AS A RESULT OF TRANSACTION,
EQT'S
EXISTING SHAREHOLDERS ARE EXPECTED TO OWN APPROXIMATELY 74% OF
COMBINED COMPANY
    * EQUITRANS MIDSTREAM CORP: POST DEAL, EQT'S EXECUTIVE
MANAGEMENT
TEAM WILL LEAD COMBINED CO WITH HEADQUARTERS REMAINING IN
PITTSBURGH, PENNSYLVANIA
    * EQUITRANS MIDSTREAM: IDENTIFIED LOW RISK PATH TO OVER $5.0
BILLION NEAR-TERM DEBT REPAYMENT VIA $3.5 BILLION OF ASSET SALES
AND ORGANIC FREE CASH FLOW
    * EQUITRANS MIDSTREAM CORP: LONG-TERM DEBT TARGET OF $7.5
BILLION
    * EQUITRANS MIDSTREAM - DEAL SIGNIFICANTLY ACCRETIVE TO FCF
PER
SHARE; PROJECTED PRO FORMA 2025 TO 2029 CUMULATIVE FCF
GENERATION OF ABOUT $16 BILLION

Source text for Eikon:  ID:nPnQNFMJa 
Further company coverage:  EQT.N 

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