News Releases

Baker Botts Represents EQT Corporation in Midstream Transaction with EQT Midstream Partners, LP, EQT GP Holdings, LP and Rice Midstream Partners LP

Deal Description: EQT Midstream Partners, LP (NYSE: EQM), EQT GP Holdings, LP (NYSE: EQGP), and Rice Midstream Partners LP (NYSE: RMP) today announced a midstream streamlining transaction that includes:
  • EQM’s acquisition of EQT Corporation’s (NYSE: EQT) retained midstream assets and Gulfport Energy’s (NYSE: GPOR) 25% ownership in the Strike Force Gathering System for $1.69 billion. EQT will receive $1.15 billion in cash and 5.9 million EQM common units and Gulfport Energy will receive $175 million in cash.
  • The merger of EQM and RMP in a unit-for-unit transaction at an exchange ratio of 0.3319x, which implies a transaction value of $2.4 billion, including the assumption of RMP debt. The RMP debt balance as of March 31, 2018 was $325 million.
  • EQGP’s purchase of RMP’s Incentive Distribution Rights (RMP IDRs) from EQT for 36.3 million EQGP common units.

Baker Botts represented EQT Corporation in this transaction.

Baker Botts Lawyers/Office Involved:

Corporate:Michael Bengtson (Partner, New York); Joshua Davidson (Partner, Houston); John Kaercher (Senior Associate, Austin); Rachel Ratcliffe (Associate, Austin); and Leah Davis (Associate, Austin)

Tax: Michael Bresson (Partner, Houston) and Jared Meier (Senior Associate, Houston)

For more information, please see EQT’s news release by clicking here.

Baker Botts is an international law firm whose lawyers practice throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit


Related Professionals