DT Midstream, Inc. announced that it has closed on the $552 million purchase of an additional 26.25% ownership interest in Millennium Pipeline from National Grid.
“The completed acquisition of an additional stake in Millennium Pipeline directly aligns with our strategic investment thesis and accelerates our growth plan,” said David Slater, President and CEO.
The transaction was financed with cash on hand and available capacity under the company’s revolving credit facility. DT Midstream’s total ownership in Millennium Pipeline is now 52.50%.
Millennium Pipeline is a 263-mile interstate pipeline, strategically positioned to deliver Northeast Marcellus and Utica gas to utility and power plant markets across New York State and New England. DT Midstream is a founding developer and existing owner in Millennium Pipeline, which has been in service since 2008. The pipeline is also interconnected with the company’s wholly-owned Bluestone Gathering Lateral Pipeline which has upstream connections to its Susquehanna Gathering System.
