05:03 PM EST, 12/30/2024 (MT Newswires) -- EQT (EQT) said Monday it has closed on the formation and funding of its midstream joint venture with an affiliate of Blackstone's (BX) Blackstone Credit & Insurance.

EQT said it received $3.5 billion in cash, net of some fees and expenses, from Blackstone Credit & Insurance in exchange for a non-controlling common equity stake in the JV.

Proceeds of the deal were to pay down debt used to fund the redemption and repurchase of senior notes of EQM Midstream Partners, EQT said.