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EQT Midstream Partners, LP (EQM)

- NYSE
  • Jul. 15, 2013, 5:09 PM
    EQT Midstream (EQM) is buying EQT Corp.'s (EQT) Sunrise pipeline (a 41.5-mile pipeline, along with a compressor station and a pipeline interconnect) for $507.5M in cash + $32.5M in equity. EQT Midstream will pay an additional $110M to EQT Corp. following the completion of a new 20-year transportation deal with a 3rd party. The purchase is expected to be immediately accretive to cash flow/partnership unit. Separately, EQT Midstream is announcing a $0.40/unit Q2 cash distribution; that's higher than Q1's $0.37/unit. Update: EQT Midstream follows up by announcing a 10M-share stock offering to help pay for the acquisition.
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Company Description
EQT Midstream Partners LP owns, operates, acquires and develops midstream assets in the Appalachian Basin. It provides natural gas transmission, storage and gathering services.