EQT, Equitrans Midstream to combine in $5.5 bln deal, WSJ reports
EQT Corp has agreed to buy back its former unit Equitrans Midstream in a $5.5 billion all-stock deal. The combined company is expected to be valued at over $35 billion, including debt. The deal comes as U.S. natural gas producers are reducing output and spending due to low prices in the oversupplied market.
March 11 (Reuters) - Natural gas producer EQT Corp (EQT.N) has signed an agreement to buy back its former unit Equitrans Midstream (ETRN.N) in a roughly $5.5 billion all-stock deal, the Wall Street Journal reported on Monday.
The combined company is expected to be valued at more than $35 billion, including debt, the report said.
The deal is expected to be announced later on Monday, the report said, citing people familiar with the matter.
Both the companies did not immediately respond to a Reuters request for comment.
The deal comes at a time when U.S. natural gas producers are curbing their output and spending on drilling activity as an oversupplied market has brought the prices of the commodity down to multi-decade lows.
