M&A · Energy · Natural Gas Transmission
EQT Corp to acquire Equitrans Midstream Corp
Announced Mar 11, 2024 · Closed Jul 22, 2024
Deal value$5.42BEV $5.46B
Premium—To unaffected price
EV / Adj. EBITDA5.4x3.9x EV / Revenue
ConsiderationAll stock$12.50 per share
Transaction
- Acquirer
- EQT Corp (EQT)
- Target
- Equitrans Midstream Corp (ETRN)
- Buyer type
- Strategic
- Offer price per share
- $12.50
- Enterprise value
- $5.46B
- Status
- Closed Jul 22, 2024
Deal protections
- Break fee (target pays)
- $191M · 3.5%
- Reverse fee (buyer pays)
- $545M · 10.1%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Guggenheim, RBC Capital Markets
- To the target
- Barclays, Citigroup
- Barclays fee
- $2.0M
- Citigroup fee
- $30.0M
Sector context · Energy
- Comparable deals
- 37 in the prior 24 months
- Premium
- Sector median 22.0%
- EV / Adj. EBITDA
- 5.4x vs. 8.3x sector median
- Break fee
- 3.5% vs. 2.9% sector median
Timeline
- AnnouncedMar 11, 2024
- Proxy filedJun 5, 2024
- Definitive proxyJun 5, 2024
- Shareholder voteJul 18, 2024
- ClosedJul 22, 2024
Valuation · fairness opinions
Discounted cash flowGuggenheim$37.47$50.63
Trading comparablesGuggenheim$24.50$41.71
Discounted cash flowGuggenheim$6.14$15.14
Precedent transactionsGuggenheim$9.71$16.25
Trading comparablesGuggenheim$7.11$15.05
Precedent transactionsBarclays$7.50$11.00
Precedent transactionsBarclays$28.00$37.00
Discounted cash flowBarclays$9.75$13.50
Discounted cash flowBarclays$35.00$44.25
Discounted cash flowBarclays$38.00$42.75
Offer $12.50
Implied value per Equitrans Midstream Corp share by analysis, from Guggenheim and Barclays.