WASHINGTON (dpa-AFX) - Natural gas production company EQT Corp. (EQT)
announced Monday a definitive merger agreement to acquire Equitrans Midstream
Corp. (ETRN) in an all-stock deal with an initial enterprise value of over $35
billion.

In pre-market activity on the NYSE, EQT shares were losing around 3 percent to
trade at $36.40, while Equitrans Midstream shares were gaining around 8.9
percent to trade at $12.14.

Under the merger deal terms, unanimously approved by the Boards of both
companies, each outstanding share of Equitrans stock will be exchanged for
0.3504 shares of EQT common stock, representing an implied value of $12.50 per
Equitrans share.

Following the deal, EQT's existing shareholders are expected to own
approximately 74% of the combined company and Equitrans' shareholders are
expected to own the remaining around 26%.

The transaction would close during the fourth quarter of 2024, subject to
required regulatory approvals and clearances, shareholder approval, and other
customary closing conditions.

Upon the closing of the acquisition, three representatives from Equitrans will
join EQT's Board of Directors. EQT's executive management team will lead the
combined company with headquarters remaining in Pittsburgh, Pennsylvania.

EQT President and CEO Toby Z. Rice stated, 'Equitrans is the most strategic and
transformational transaction EQT has ever pursued, and we see this as a once in
a lifetime opportunity to vertically integrate one of the highest quality
natural gas resource bases anywhere in the world. As we enter the global era of
natural gas, it is imperative for U.S. natural gas companies to evolve their
business models to compete on the global stage against vertically integrated
rivals.'

The deal is expected to create America's first large-scale, integrated natural
gas producer with an unrivaled low-cost structure.

In the deal, Guggenheim Securities, LLC acted as lead financial advisor and RBC
Capital Markets, LLC acted as a financial advisor to EQT.

Barclays and Citi served as financial advisors to Equitrans, and Latham &
Watkins LLP is serving as legal counsel to Equitrans.



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