EQT Brings Equitrans Back into Fold for $5.5B in Stock

EQT Corp. and Equitrans Midstream Corp. announced Monday that they agreed to merge, creating a top vertically integrated Appalachian Basin natural gas business with an initial enterprise value of more than $35 billion.

Under the terms of the agreement, EQT will acquire Equitrans in an all-stock transaction worth about $5.5 billion. Each outstanding share of Equitrans common shares will be exchanged for 0.3504 of a share of EQT common stock, representing a value of $12.50 per share, a 12 percent premium over last week’s close.