Milbank LLP advised Blackstone Credit & Insurance (“BXCI”) in connection with the upsize of the midstream joint venture with EQT Corporation (“EQT”) through PipeBox LLC (“PipeBox”), a joint venture between affiliates of BXCI and EQT. PipeBox has exercised its option to acquire a portion of Consolidated Edison, Inc.’s interest in Series A of Mountain Valley Pipeline, LLC (“MVP A”). Upon closing, PipeBox’s ownership interest in MVP A will increase from 49% to 53%.
The total purchase price consideration for the interest is $201 million, subject to purchase price adjustments, which will be funded pro rata by the joint venture partners. This builds on BXCI’s original $3.5 billion investment in PipeBox, announced in 2024. The transaction is expected to close in the first half of 2026, subject to satisfaction of regulatory approval and closing conditions.
The expanded partnership underscores the high-quality nature of EQT’s midstream assets and BXCI’s focus on providing flexible high-grade capital solutions to the world’s leading corporations.
The Milbank team advising Blackstone in connection with its PipeBox investment is led by Global Corporate/M&A partner and co-head of Milbank’s Global Infrastructure practice John Franchini, Global Project, Energy and Infrastructure Finance Group chair Dan Bartfeld, Global Project, Energy and Infrastructure Finance partner Sean O’Neill and Global Corporate/M&A partner Benjamin Fidler. The team also includes Global Corporate/M&A special counsel Evelyn Liristis, associates Christina (Sonageri) Cannon, Joysheel Shrivastava, Marc Kilani and Joshua Rosenberg; Global Project, Energy and Infrastructure Finance associates Sarah Tonkin, Annie Harper and Sebastian Leon Nunez; Tax partner Max Goodman and associate Jesse Hong; Antitrust partner Fiona Schaeffer and special counsel Alexis Brown-Reilly; Global Project Energy and Infrastructure Finance partner Jenna McGrath and special counsel Carlos Clemente; and Environmental partners Matthew Ahrens and Thomas Goslin and associate Allison Sloto.
