Natural gas production company EQT Corp. (EQT) announced Monday a definitive merger agreement to acquire Equitrans Midstream Corp. (ETRN) in an all-stock deal with an initial enterprise value of over $35 billion.
In pre-market activity on the NYSE, EQT shares were losing around 3 percent to trade at $36.40, while Equitrans Midstream shares were gaining around 8.9 percent to trade at $12.14.
Under the merger deal terms, unanimously approved by the Boards of both companies, each outstanding share of Equitrans stock will be exchanged for 0.3504 shares of EQT common stock, representing an implied value of $12.50 per Equitrans share.
Following the deal, EQT's existing shareholders are expected to own approximately 74% of the combined company and Equitrans' shareholders are expected to own the remaining around 26%.
The transaction would close during the fourth quarter of 2024, subject to required regulatory approvals and clearances, shareholder approval, and other customary closing conditions.
Upon the closing of the acquisition, three representatives from Equitrans will join EQT's Board of Directors. EQT's executive management team will lead the combined company with headquarters remaining in Pittsburgh, Pennsylvania.
EQT President and CEO Toby Z. Rice stated, "Equitrans is the most strategic and transformational transaction EQT has ever pursued, and we see this as a once in a lifetime opportunity to vertically integrate one of the highest quality natural gas resource bases anywhere in the world. As we enter the global era of natural gas, it is imperative for U.S. natural gas companies to evolve their business models to compete on the global stage against vertically integrated rivals."
The deal is expected to create America's first large-scale, integrated natural gas producer with an unrivaled low-cost structure.
In the deal, Guggenheim Securities, LLC acted as lead financial advisor and RBC Capital Markets, LLC acted as a financial advisor to EQT.
Barclays and Citi served as financial advisors to Equitrans, and Latham & Watkins LLP is serving as legal counsel to Equitrans.
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