Blackstone, EQT Form $3.5 Billion Gas Pipeline Venture (1)

Funds managed by Blackstone Inc. agreed $3.5 billion of investment as part of a new joint venture with EQT Corp., enabling the US natural gas producer to reduce its debt.

The deal will give the private equity giant stakes in gas pipelines serving the Mid-Atlantic, where data centers are forecast to send demand surging in the years ahead. EQT plans to use the proceeds to pay down a term loan and credit facility, as well as repurchase and redeem its bonds, the company said in a statement Monday.

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