Equitrans Midstream Corp’s unit signed a deal worth $1.03 billion yesterday to take control of two pipelines that connect the Marcellus and Utica shales, according to Reuters.
EQM Midstream Partners LP will purchase a 60 percent stake in Eureka Midstream Holdings LLC and all of Hornet Midstream Holdings LLC from a fund managed by Morgan Stanley. Eureka Midstream is a 190-mile gathering pipeline system in Ohio and West Virginia that services both Utica and Marcellus production, while Hornet Midstream is a 15-mile, high-pressure gathering system in West Virginia that connects to Eureka system.
The company will pay $860 million in cash and assume $170 million of debt, as part of the deal.
Learn more: Reuters > Equitrans Midstream’s unit to buy gas pipeline assets for $1.03 billion
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