DT Midstream will finance the transaction with $900 million in debt and about $300 million in equity, the company said when the deal was initially announced in November. (Source: Shutterstock/ ONEOK)
DT Midstream (DTM) has closed its $1.2 billion acquisition of three natural gas pipelines from ONEOK Inc.
DT Midstream acquired full ownership of the Guardian Pipeline, Midwestern Gas Transmission and Viking Gas Transmission, the company said Dec. 31. The acquired pipelines have a total capacity of more than 3.7 Bcf/d and span approximately 1,300 miles across seven states in the Midwest.
“The bolt-on acquisition of these premier pipelines is fully aligned with our pure play natural gas strategy,” said David Slater, DT Midstream president and CEO. “This acquisition also increases the revenue contribution from our pipeline segment, supported by take-or-pay contracts with strong credit quality utility customers.”
ONEOK has said the sale would allow the company to focus on growing its operations in other areas, such as Texas and Colorado.
DT Midstream will finance the transaction with $900 million in debt and about $300 million in equity, the company said when the deal was initially announced in November.
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