EQT said Blackstone Credit & Insurance-managed funds entered into a definitive agreement to provide $3.5 billion in cash consideration in exchange for a non-controlling common equity interest in the joint venture. The company said the investment implies a total joint venture valuation of approximately $8.8 billion, or 12x EBITDA.

8-KRegulation FD DisclosureFiled Nov 25, 2024Period of report Nov 25, 2024Summary published (UTC) Oct 29, 2026

Key points

AI summary

EQT said Blackstone Credit & Insurance-managed funds entered into a definitive agreement to provide $3.5 billion in cash consideration in exchange for a non-controlling common equity interest in the joint venture. The company said the investment implies a total joint venture valuation of approximately $8.8 billion, or 12x EBITDA.
The company said the joint venture consists of Mountain Valley Pipeline, LLC Series A, FERC-regulated transmission and storage assets, and the Hammerhead Pipeline. It said EQT will retain the rights to growth projects associated with those assets, including the MVP expansion and the MVP Southgate project.
The company said EQM will launch a cash tender offer for up to $1.275 billion (excluding accrued and unpaid interest) of its senior notes due 2048 at 6.500%, due 2028 at 5.500%, due 2029 at 4.50%, and due 2030 at 7.500%. The company also said it has launched a consent solicitation for proposed amendments to the reporting covenants in the indentures for the 2028 Notes and 2048 Notes.
The company said EQM plans to issue notices of redemption for the 2025 Notes ($400.0 million) and the 2026 Notes ($500.0 million), redeeming all of each series on December 30, 2024. The company said that, after the joint venture transaction and the divestiture of the non-operated assets, it expects net debt at year-end 2024 to be approximately $9 billion.

Summary

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Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

Blackstone-Managed Funds Agree to $3.5 billion Joint Venture

EQT said Blackstone Credit & Insurance-managed funds entered into a definitive agreement to provide $3.5 billion in cash consideration in exchange for a non-controlling common equity interest in the joint venture. The company said the investment implies a total joint venture valuation of approximately $8.8 billion, or 12x EBITDA.

Source · Based on the filing body and exhibits

Assets Contributed to JV and EQT Retained Rights

The company said the joint venture consists of Mountain Valley Pipeline, LLC Series A, FERC-regulated transmission and storage assets, and the Hammerhead Pipeline. It said EQT will retain the rights to growth projects associated with those assets, including the MVP expansion and the MVP Southgate project.

Source · Based on the filing body and exhibits

EQM Tender Offer for Senior Notes of Up to $1.275 billion

The company said EQM will launch a cash tender offer for up to $1.275 billion (excluding accrued and unpaid interest) of its senior notes due 2048 at 6.500%, due 2028 at 5.500%, due 2029 at 4.50%, and due 2030 at 7.500%. The company also said it has launched a consent solicitation for proposed amendments to the reporting covenants in the indentures for the 2028 Notes and 2048 Notes.

Source · Based on the filing body and exhibits

Redemption of 2025 and 2026 Senior Notes and Net Debt Outlook

The company said EQM plans to issue notices of redemption for the 2025 Notes ($400.0 million) and the 2026 Notes ($500.0 million), redeeming all of each series on December 30, 2024. The company said that, after the joint venture transaction and the divestiture of the non-operated assets, it expects net debt at year-end 2024 to be approximately $9 billion.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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