DT Midstream to Buy Additional 26.25% Stake in Millennium Pipeline
September 29 2022 - 8:25AM
Dow Jones News
By Will Feuer
Gas pipeline operator DT Midstream Inc. said it has agreed to
buy an additional 26.25% stake in Millennium Pipeline for about
$552 million.
Through the all-cash deal, DT Midstream will buy National Grid
PLC's full ownership interest in the pipeline, increasing DT
Midstream's stake to 52.5%, the company said.
Millennium Pipeline, which has been in service since 2008, is a
263-mile interstate pipeline, positioned to deliver Northeast
Marcellus and Utica gas to utility and power plant markets across
New York State and New England.
The company said the deal aligns with DT Midstream's strategy of
owning pure-play natural gas assets that connect supply basins with
demand centers and key market regions. Chief Executive David Slater
said revenue would be supported by take-or-pay contracts with high
credit quality customers.
The deal is expected to close in the fourth quarter of 2022.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
September 29, 2022 08:10 ET (12:10 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
National Grid (NYSE:NGG)
Historical Stock Chart
From Jul 2024 to Aug 2024
National Grid (NYSE:NGG)
Historical Stock Chart
From Aug 2023 to Aug 2024