Kirkland Advises EQT on Midstream Joint Venture with Blackstone Credit Insurance

Kirkland & Ellis is advising EQT Corporation (NYSE: EQT) on a definitive agreement with Blackstone Credit & Insurance (NYSE: BX) to form a new midstream joint venture consisting of EQT's ownership interest in Mountain Valley Pipeline, LLC - Series A (MVP), FERC regulated transmission and storage assets, and the Hammerhead Pipeline. Under the terms of the agreement, Blackstone will provide EQT with a $3.5 billion of cash consideration in exchange for a passive common equity interest in JV. The investment implies a total JV valuation of approximately $8.8 billion. The transaction was announced on November 25, 2024 and is expected to close in the fourth quarter of 2024, subject to customary closing adjustments, required regulatory approvals and clearances.

Read the transaction press release

The Kirkland team included corporate lawyers David Feirstein, Cy Jones, Lindsey Jaquillard, Jennifer Gasser and Brittany Sakowitz; capital markets lawyers Matt Pacey and Lanchi Huynh; and debt finance lawyer Rachael Lichman.