Milbank LLP advised Blackstone Credit & Insurance (“BXCI”) on the definitive agreement between EQT Corporation (NYSE: EQT) and funds managed by BXCI to form a new midstream joint venture ("JV") consisting of EQT’s ownership interest in high-quality contracted infrastructure assets: (i) Mountain Valley Pipeline, LLC – Series A, (ii) FERC regulated transmission and storage assets, and (iii) the Hammerhead Pipeline.
Under the terms of the agreement BXCI will provide EQT $3.5 billion of cash consideration in exchange for a non-controlling common equity interest in the JV. The investment implies a total JV valuation of approximately $8.8 billion.
“We are pleased to have supported Blackstone in partnering with EQT in this joint venture investment transaction, which will hold several high-quality midstream infrastructure assets in the US,” commented Milbank Global Corporate/M&A partner and co-head of Milbank’s Global Infrastructure practice John Franchini. “We continue to see unique opportunities where well-positioned private capital providers are able to partner with investment-grade corporates to assist those corporates in executing their de-leveraging strategy.”
The Milbank team was led by Mr. Franchini, Global Project, Energy and Infrastructure Finance Group chair Dan Bartfeld, Global Project, Energy and Infrastructure Finance partner Sean O’Neill and Global Corporate/M&A partner Benjamin Fidler. The team also included Global Corporate/M&A special counsel Evelyn Liristis, associates Christina Sonageri, Joysheel Shrivastava and Marc Kilani, and law clerks Xander Peng and Cara Quimby; Global Project, Energy and Infrastructure Finance associates Sarah Tonkin, Annie Harper and Sebastian Leon Nunez; Tax partner Max Goodman and associate Jesse Hong; Antitrust partner Fiona Schaeffer and special counsel Alexis Brown-Reilly; Alternative Investments partner Catherine Leef Martin and special counsel Mandy Stupart; Structured Credit special counsel Tony Mechcatie; Global Project Energy and Infrastructure Finance partner Jenna McGrath and associates Carlos Clemente and Jake Maguire; Environmental partner Matthew Ahrens, special counsel Thomas Goslin and associate Allison Sloto; Intellectual Property special counsel John Garces; and Executive Compensation partner Mike Shah, special counsel Kelly Bartley and associate Joo Hyeon Lee.
