EQT Corp. has announced the acquisition of Equitrans Midstream Corp. for approximately $5.5 billion. This deal will give Equitrans investors 0.3504 shares of EQT stock for every share of Equitrans they own, equaling an implied value of $12.50 per share. The combined company will be valued at over $35 billion, making it America’s first large-scale, integrated natural gas producer.
Shares of Equitrans Midstream initially rose following the announcement, but have since only maintained a 2.4% increase. EQT shares have dropped 8.2% to $34.45, losing over 10% of their value this year.
In other news, Choice Hotels International has abandoned its $7.8 billion takeover bid for Wyndham Hotels & Resorts. Choice claims that Wyndham’s board refused to engage in constructive discussions. Instead, Choice will focus on its own operations and has authorized a $632 million stock buyback program.
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