06:30 AM EDT, 03/11/2024 (MT Newswires) -- EQT (EQT) has agreed to acquire its former company Equitrans Midstream ( ETRN ) in an all-stock deal worth about $5.5 billion, The Wall Street Journal reported Monday, citing unnamed people familiar with the matter.

According to the WSJ's report, each share of Equitrans Midstream ( ETRN ) stock will be exchanged for 0.3504 shares of EQT stock, a valuation of approximately $12.50 per share.

The combined integrated natural gas production and distribution company is expected to be valued at more than $35 billion, the WSJ reported. EQT spun out its pipeline business as Equitrans Midstream ( ETRN ) in 2018.

The deal is expected to be publicly announced on Monday, the report said.

EQT shares were down more than 2% in recent Monday premarket trading, while shares of Equitrans Midstream ( ETRN ) were up nearly 10%.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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