ETRN and EQM Announce Shareholder and Limited Partner Approval of Merger
June 15 2020 - 1:30PM
Business Wire
Equitrans Midstream Corporation (NYSE: ETRN) and EQM Midstream
Partners, LP (NYSE: EQM) announced that, at a special meeting held
earlier today, the shareholders of ETRN approved the issuance of
shares of ETRN’s common stock and shares of ETRN’s preferred stock
(collectively, ETRN stock issuance) in connection with ETRN’s
proposed merger (Merger) with EQM. More than 99% of the total votes
cast at ETRN’s special meeting were voted in favor of approving the
ETRN stock issuance.
In addition, at a special meeting held earlier today, EQM’s
limited partners voted to approve the merger agreement in
connection with the Merger. The holders of more than 83% of EQM’s
outstanding limited partner interests voted in favor of approving
the merger agreement, and more than 99% of the total votes cast at
the special meeting were voted in favor of approving the merger
agreement.
The Merger is subject to customary closing conditions and is
expected to close on June 17, 2020, at which time EQM’s common
units will no longer be publicly traded on the New York Stock
Exchange.
About Equitrans Midstream Corporation Equitrans Midstream
Corporation (ETRN) has a premier asset footprint in the Appalachian
Basin and is one of the largest natural gas gatherers in the United
States. With a rich 135-year history in the energy industry, ETRN
was launched as a standalone company in 2018 and, through its
subsidiaries, has an operational focus on gas gathering systems,
transmission and storage systems, and water services assets that
support natural gas producers across the Basin. ETRN is helping to
meet America’s growing need for clean-burning energy, while also
providing a rewarding workplace and enriching the communities where
its employees live and work. ETRN owns the non-economic general
partner interest and a majority ownership of the limited partner
interest in EQM.
About EQM Midstream Partners EQM Midstream Partners, LP
(EQM) is a growth-oriented limited partnership formed to own,
operate, acquire, and develop midstream assets in the Appalachian
Basin. As one of the largest gatherers of natural gas in the United
States, EQM provides midstream services to producers, utilities,
and other customers through its strategically located natural gas
transmission, storage, and gathering systems, and water services to
support energy development and production in the Marcellus and
Utica regions. EQM owns approximately 950 miles of FERC- regulated
interstate pipelines and also owns and/or operates approximately
1,900 miles of high- and low-pressure gathering lines.
Cautionary Statement Regarding Forward-Looking
Information Disclosures in this news release contain certain
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended, and Section 27A of the
Securities Act of 1933, as amended. Statements that do not relate
strictly to historical or current facts are forward-looking. Words
such as “could,” “will,” “may,” “assume,” “forecast,” “position,”
“predict,” “strategy,” “expect,” “intend,” “plan,” “estimate,”
“anticipate,” “believe,” “project,” “budget,” “potential,” or
“continue,” and similar expressions are used to identify
forward-looking statements. Without limiting the generality of the
foregoing, forward-looking statements contained in this release
specifically include the expectations of plans, strategies,
objectives and growth and anticipated financial and operational
performance of ETRN, EQM and their respective affiliates, including
the potential timing of closing of the Merger and whether the
conditions thereto will be satisfied. These statements involve
risks and uncertainties that could cause actual results to differ
materially from projected results.
Accordingly, investors should not place undue reliance on
forward-looking statements as a prediction of actual results. ETRN
and EQM have based these forward-looking statements on current
expectations and assumptions about future events. While ETRN and
EQM consider these expectations and assumptions to be reasonable,
they are inherently subject to significant business, economic,
competitive, regulatory and other risks and uncertainties, many of
which are difficult to predict and beyond ETRN’s and EQM’s control.
The risks and uncertainties that may affect the operations,
performance and results of ETRN’s and EQM’s respective businesses
and forward-looking statements include, but are not limited to,
those set forth in ETRN’s publicly filed reports with the
Securities and Exchange Commission (the SEC), including those set
forth under Item 1A, “Risk Factors” of ETRN’s Form 10-K for the
year ended December 31, 2019, as may have been or may be updated by
Part II, Item 1A, "Risk Factors," of ETRN’s subsequent Quarterly
Reports on Form 10-Q filed with the SEC, and those set forth in
EQM’s publicly filed reports with the SEC, including those set
forth under Item 1A, “Risk Factors” of EQM’s Form 10-K for the year
ended December 31, 2019, as may have been or may be updated by Part
II, Item 1A, "Risk Factors," of EQM’s subsequent Quarterly Reports
on Form 10-Q filed with the SEC.
All forward-looking statements speak only as of the date they
are made and are based on information available at that time. ETRN
and EQM assume no obligation to update forward-looking statements
to reflect circumstances or events that occur after the date the
forward-looking statements were made or to reflect the occurrence
of unanticipated events except as required by federal securities
laws. As forward-looking statements involve significant risks and
uncertainties, caution should be exercised against placing undue
reliance on such statements.
Source: Equitrans Midstream Corporation
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version on businesswire.com: https://www.businesswire.com/news/home/20200615005684/en/
Analyst/Investor inquiries: Nate Tetlow — Vice President,
Corporate Development and Investor Relations
ntetlow@equitransmidstream.com
Media inquiries: Natalie A. Cox — Communications and
Corporate Affairs ncox@equitransmidstream.com
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