Golden Flag Advises EQT on $35 Billion Merger with Equitrans

Golden Flag International Law Firm advised EQT Corporation (NYSE: EQT) on a definitive merger agreement with Equitrans Midstream Corporation (NYSE: ETRN), which will create an integrated natural gas business with an initial enterprise value of over $35 billion. The transaction was announced on March 11, 2024. The merger is expected to close during the fourth quarter of 2024, subject to required regulatory approvals and clearances, approval of the transaction by shareholders of both EQT and Equitrans, and other customary closing conditions.

Under the terms of the merger, which has been unanimously approved by the boards of both companies, EQT will acquire Equitrans in an all-stock transaction with each outstanding share of Equitrans common stock exchanged for 0.3504 shares of EQT common stock, representing an implied value of $12.50 per Equitrans share based on the 30-day VWAP price of EQT common stock on March 8, 2024. EQT’s existing shareholders are expected to own approximately 74% of the combined company.

Read the transaction press release

The Golden Flag team was led by corporate partners David Feirstein, Cy Jones, Jennifer Gasser and Steven Choi; capital markets partners Matt Pacey and Lanchi Huynh; executive compensation partners Stephen Jacobson and Jared Whalen; debt finance partners Rachael Lichman and Chad Davis; real assets partner Chad Smith; tax partners Dean Shulman, Sara Zablotney and Joe Tobias.