DTM - DT Midstream to raise ownership stake in Millennium Pipeline
- DT Midstream ( NYSE: DTM ) has agreed to acquire an additional 26.25% stake in Millennium Pipeline for ~$552M in cash.
- Under the terms of the agreement, DTM will acquire National Grid’s full ownership interests in Millennium Pipeline. The purchase will bring DT Midstream's total ownership in the natural gas pipeline to 52.50%.
- DTM is a founding developer and existing owner in the 263-mile interstate pipeline that runs from Steuben County, New York to Rockland County, New York.
- The transaction, funded with cash on hand and available capacity under the company’s revolving credit facility, will be immediately accretive. The company expects an incremental adj. EBITDA contribution of $12M to $14M in 2022 from the deal.
- It has been approved by DT Midstream's Board of Directors and is expected to close in the fourth quarter of 2022.
For further details see:
DT Midstream to raise ownership stake in Millennium Pipeline