The original lead developer of the Mountain Valley gas pipeline is again its owner, after EQT closed its acquisition of Equitrans Midstream on Monday.
EQT proposed the pipeline in 2014, before handing it over to Equitrans in a corporate spinoff in late 2018. In acquiring Equitrans, EQT has estimated that it could realize more than $425 million in savings, partly by integrating the two companies’ pipeline assets.
The deal was contingent on federal approval to start moving gas through the 303-mile pipeline, which came on June 11. But the business deal came together more quickly than expected. At the time the deal was announced in March, EQT said it would close in the last three months of this year.
Equitrans CEO Thomas F. Karam, along with former Equitrans Directors Vicky A. Bailey and Robert F. Vagt, were immediately placed on the EQT Board of Directors.
