EQT, Equitrans Midstream to combine in $5.5 bln deal, WSJ reports (updated)

Equitrans Midstream

11/03/2024 09:53

(Adds details on deal in paragraphs 2 and 3, background in
paragraph 5)
       March 11 (Reuters) - Natural gas producer EQT Corp
 EQT.N  has signed an agreement to buy back its former unit
Equitrans Midstream  ETRN.N  in a roughly $5.5 billion all-stock
deal, the Wall Street Journal reported on Monday.
    The combined company is expected to be valued at more than
$35 billion, including debt, the report said. 
    The deal is expected to be announced later on Monday, the
report said, citing people familiar with the matter.
    Both the companies did not immediately respond to a Reuters
request for comment.
    The deal comes at a time when U.S. natural gas producers are
curbing their output and spending on drilling activity as an
oversupplied market has brought the prices of the commodity down
to multi-decade lows.
    
    

 (Reporting by Mrinalika Roy in Bengaluru; Editing by Shilpi
Majumdar)
 ((mrinalika.roy@thomsonreuters.com;))