Blackstone & EQT Increase Ownership Stake in MVP Partnership

In July 2024, EQT Corporation closed on a $5.4 billion deal to buy back the midstream division it had spun off in 2018 (see Reunited: EQT Closes on Deal to Buy Equitrans Midstream for $5.4B). A few months later, EQT announced a deal to sell a substantial stake in its newly-acquired midstream assets (namely, Mountain Valley Pipeline) to investment firm Blackstone in return for $3.5 billion in cold, hard cash (see EQT Closes Midstream JV Deal with Blackstone for $3.5 Billion). EQT and Blackstone formed a midstream joint venture, PipeBox, which owns the investment. In March, the two lovebirds announced they were increasing their JV ownership in MVP from 49% to 53% at a cost of $201 million.

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