Banking Recap

M&A Transaction Announced for $8.80B

This transaction is the formation of a midstream joint venture via a non-controlling equity investment, involving EQT Corp (ticker EQT), a natural-resources sector issuer, and Blackstone Credit & Insurance as the investing acquirer. The deal is classified under the M&A product group, with a disclosed value of $8,800,000,000.

Nov 25, 2024·SEC EDGAR (8-K)·pending regulatory·midstream joint venture formation (non-controlling equity investment)

Deal value

The facts block is sourced from a single SEC filing: an 8-K filed with SEC EDGAR and published on November 25, 2024. The deal's current status is pending regulatory approval.

On the financial advisory side, RBC Capital Markets, LLC acted as financial advisor to EQT, the issuer, while Citi acted as financial advisor to Blackstone, the acquiring investor. No lead designation was specified for either advisor in the facts block.

Legal counsel was also disclosed for both parties. Kirkland & Ellis LLP is serving as EQT's legal counsel on the transaction, while Milbank LLC is serving as Blackstone's legal counsel on the transaction.

Beyond its characterization as a non-controlling equity investment forming a midstream joint venture, the facts block does not disclose further structural detail, such as the percentage equity stake being acquired or the specific midstream assets being contributed to the venture.

Several facts are not disclosed in the source material. The facts block does not specify the percentage of equity Blackstone is acquiring in the joint venture, nor does it name the specific midstream assets involved. No expected closing date is given, and no lead/non-lead designation is provided for either RBC Capital Markets or Citi.