Press releases from Blackstone or EQT, financial news outlets

Blackstone Buys EQT Pipeline Stakes for $3.5 Billion in Cash

Nov 25, 2024, 12:53 PM

Blackstone has entered into a $3.5 billion financing agreement with EQT Corporation to form a midstream joint venture. The deal involves Blackstone acquiring minority stakes in EQT's Mountain Valley and Hammerhead pipelines, as well as other storage assets, for $3.5 billion in cash. The joint venture is valued at $8.8 billion, with EQT retaining majority ownership and rights to key growth projects. Blackstone will leverage its $1.1 trillion credit and insurance arm to finance the transaction, which will help EQT reduce its $13.6 billion debt. The partnership underscores Blackstone's strategic focus on energy infrastructure and EQT's efforts to optimize its balance sheet.