DT Midstream has agreed to pay $552 million in cash to acquire an additional 26.25 percent ownership interest in Millennium Pipeline.
Millennium Pipeline is a 263-mile interstate pipeline delivering Northeast Marcellus and Utica gas to utility and power-plant markets across New York State and New England. The pipeline is also interconnected with the company’s wholly owned Bluestone Gathering Lateral Pipeline, which has upstream connections to its Susquehanna Gathering System.
DT Midstream is a founding developer and existing owner in Millennium Pipeline, which has been in service since 2008. The company will acquire National Grid’s full ownership interests in Millennium Pipeline, bringing DT Midstream’s total ownership in Millennium Pipeline to 52.5 percent upon closing.
The transaction will be financed with cash on hand and available capacity under the company’s revolving credit facility.
“Increasing our ownership in a premium integrated asset