Announced
Financials
Tags
Public
natural gas gathering
Pending
Acquisition
Friendly
Gas Distribution
gas transmission
United States
Integrated Oil and Gas
Single Bidder
Synopsis
Equitrans Midstream Corporation (NYSE: ETRN) today announced that it has entered into definitive purchase agreements with certain unitholders of EQGP Holdings, LP (NYSE: EQGP) to acquire limited partner interests in EQGP for $20.00 per unit in cash, which is a 17.5% premium to the EQGP closing market price as of November 29, 2018. The Private Purchases are expected to close on or about December 31, 2018, after which ETRN and its affiliates will own more than 95% of the outstanding EQGP Common Units. ETRN made a proposal to EQM Midstream Partners, LP (NYSE: EQM) for the exchange of its incentive distribution rights and the economic general partner interest in EQM for 95 million units in EQM and a non-economic general partner interest in EQM. “Executing on these transactions clears the way for a stable EQM, with 6% to 8% annual distribution growth; and is a strong, strategic starting point for ETRN to grow the annual dividend over the long-term by 8% to 10%.” said Thomas F. Karam, Chief Executive Officer of ETRN, EQGP, and EQM.
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