EQT to Expand in Marcellus Shale by Buying Blackstone’s Olympus

EQT Corp. agreed to buy Blackstone Inc.’s Olympus Energy for $1.8 billion, a move that will expand the shale driller’s Appalachian natural gas empire.

The deal calls for EQT to provide 26 million common shares and $500 million in cash, according to a statement Tuesday. It’s expected to close early in the third quarter.

Olympus, one of Blackstone’s oldest energy investments, owns gas wells and pipelines in the Marcellus and Utica shale regions that EQT said will generate more than $250 million in free cash flow annually for the next three years.

EQT rose 0.9% in after-hours trading in ...