Navigate this market better. Subscribe for FREE stock alerts and information.

Tuesday, March 10, 2015

EQT Midstream to purchase parent EQT Corp's gas-gathering assets for $1 bln, (NYQ: EQM)

EQT Midstream Partners LP said it would purchase parent EQT Corp's Northern West Virginia Marcellus Gathering System and a preferred interest in an EQT subsidiary for about $1.05 billion.EQT shares were down 1.5 percent in after-hours trading on Tuesday, while EQT Midstream shares were flat at $80.46.EQT formed EQT Midstream in 2012 to own, operate, acquire and develop midstream assets in the Appalachian Basin. EQT has a 34.4 percent limited partner interest and a 2 percent general partner interest in EQT Midstream, according to the company's website.EQT Midstream said it would pay $997.5 million in cash and $52.5 million in common and general partner units for the assets, which are expected to immediately add to the partnership's distributable cash flow per unit.

EQT Midstream Partners, LP, incorporated on January 18, 2012, owns, operates, acquires and develops midstream assets in the Appalachian Basin. Shares of EQM traded higher by 0.97% or $0.77/share to $80.46. In the past year, the shares have traded as low as $63.26 and as high as $102.51. On average, 238127 shares of EQM exchange hands on a given day and today's volume is recorded at 174302.