EQT Corporation, a Pittsburgh, Pennsylvania-based natural gas-focused company, announced late Tuesday that it had entered an agreement with Olympus Energy Holdings, Hyperion Midstream and Bow & Arrow Land Company to acquire Olympus Energy’s upstream and midstream assets for $1.8 billion.
Specifically, EQT will acquire a 90,000 net acre position in Southwest Pennsylvania, which produces 500 MMcf/d and is located next to EQT’s core acreage in the region.
The total purchase price of $1.8 billion will comprise 26 million shares of EQT common stock worth $1.3 billion and $500 million in cash.
EQT intends to fund the entire acquisition with cash on hand and with borrowings from its revolving credit facility. The transaction itself is expected to close in the third quarter of 2025.
EQT Corporation’s Houston-based chief legal and policy officer, William Jordan, worked alongside Vinson & Elkins on the deal with a team led by Danielle Mangrum Patterson (Houston), Thomas Zentner (Austin/Houston) and Michael Zarcaro (Houston).
The remainder of the V&E team included Zachary Parker (Austin), Alex Turner (Dallas), Vestita Zumot (Houston), Pranay Malempati (Dallas), Walt Baker (Houston), Shelby Shearer (Houston), Ashley Osborne (Houston) and Nicholas Priebe (Houston).
Moelis & Company acted as the lead, and Greenhill, adding additional support, served as EQT’s financial advisors for the transaction.
LuAnn Datesh, Olympus Energy Holdings’ Pittsburgh-based VP and GC, and Hyperion Midstream and Bow & Arrow Land Company worked alongside Kirkland & Ellis with a team that included Thomas Laughlin (Dallas), R.J. Malenfant (Houston), Joshua Teahen (Houston), Rhett Van Syoc (Houston/New York), Luke Powers Strother (Houston), Michael Rigdon (Houston), Billy Vranish (Houston), Mark Dundon (Houston), Andy Veit (Houston), Brett Ackerman (Dallas) and Jonathan Kidwell (Dallas). The lone non-Texas-based attorney advising on the deal was Washington, D.C.-based partner Chuck Boyars.
Jefferies served as the financial advisor to Olympus Energy in the transaction.