Equitrans Acquires Hornet Midstream and 60% of Eureka Midstream

Updated 2 years 5 months ago

Equitrans Midstream has completed the acquisition of a 60% stake in Eureka Midstream and 100% in Hornet Midstream for a total of $1.03 billion comprised of $860 million in cash and $170 million in debt. Eureka is a 190-mile gathering head pipeline system is Ohio and West Virginia while Hornet is a 15-mile high-pressure gathering system in West Virginia that connects to Eureka's infrastructure.

EQM closed a private placement of $1.2 billion in Series A units associated with the transaction. Citi and Guggenheim securities served as financial advisors for the deal.