DT Midstream, Inc. has entered into an agreement to acquire an additional 26.25% ownership interest in Millennium Pipeline from National Grid plc (LSE:NG.) for approximately $550 million.

DT Midstream, Inc. (NYSE:DTM) has entered into an agreement to acquire an additional 26.25% ownership interest in Millennium Pipeline from National Grid plc (LSE:NG.) for approximately $550 million on September 29, 2022. upon closing, DT Midstream's total ownership in Millennium Pipeline will be 52.50%. Transaction will be fully funded with cash on hand and available credit capacity.

The transaction has been approved by DT Midstream's Board of Directors. Completion of the transaction is subject to regulatory approvals, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, and other customary closing conditions. The transaction is expected to close in the fourth quarter of 2022.

The transaction will be immediately value accretive. Lazard is serving as financial advisor. Omar Samji,Tomasz Kulawik,Daniel Tristan,Jonathan Cheng and Todd Lowther of Shearman & Sterling LLP are serving as legal counsels to DT Midstream.

BofA Securities is serving as financial advisor and Morgan, Lewis & Bockius LLP acted as legal advisor to National Grid.