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Equitrans Midstream to buy pipeline assets for $1.03b
Transactions - MARCH 15, 2019

Equitrans Midstream to buy pipeline assets for $1.03b

by Jody Barhanovich

Equitrans Midstream Corp. and EQM Midstream Partners have announced that EQM has entered into a definitive agreement with a fund managed by Morgan Stanley Infrastructure Partners to acquire a 60 percent interest in Eureka Midstream Holdings and a 100 percent interest in Hornet Midstream Holdings for total consideration of $1.03 billion, composed of approximately $860 million in cash and approximately $170 million of assumed pro-rata debt.

Eureka Midstream is a 190-mile gathering header pipeline system in Ohio and West Virginia that services both dry Utica and wet Marcellus production. Hornet Midstream is a 15-mile, high-pressure gathering system in West Virginia that connects to the Eureka system.

The proposed acquisition is expected to close on or about April 15, 2019, subject to customary regulatory and other closing conditions.

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