Equitrans Midstream to merge with EQM Midstream Partners.

Equitrans Midstream, a natural gas transmission company, agreed to merge with EQM Midstream Partners, a growth-oriented limited partnership formed to own, operate, acquire and develop midstream assets, in a deal in which each outstanding public common unit of EQM would be exchanged for 2.44 shares of ETRN common stock. Under the terms of the deal EQM will become a wholly owned subsidiary of ETRN. ETRN projects near zero cash taxes through at least 2023 and minimal cash taxes through at least 2026. The simplified C-Corp structure is expected to generate a broader investor base and the increased float is expected to improve trading liquidity.