DTE Energy Company (NYSE:DTE) announced the spin-off of midstream business on October 27, 2020. Under the separation plan, DTE Energy Company shareholders will retain their current shares of DTE Energy Company stock and receive a pro-rata dividend of shares of the new midstream company stock in a transaction that is expected to be tax-free to DTE Energy and its shareholders for U.S. federal income tax purposes. DTE shareholders will retain their current shares of DTE Energy common stock and, on the distribution date, each DTE shareholder will also receive, for every two shares of DTE common stock owned as of the record date, a distribution of one share of DT Midstream common stock. For now, the business is headquartered at DTE's downtown campus near Beacon Park and the MGM Grand Detroit casino. Later this year, it is expected to announce a separate headquarters downtown. DT Midstream will be headquartered in Detroit, Mich. The transaction will lead to formation of its non-utility natural gas pipeline, storage and gathering business into a new stand-alone independent, publicly traded company, to be named DT Midstream, Inc. Midstream would become an independent, publicly traded company.

Upon closing, DTE Energy Company plans to continue a payout ratio and dividend growth target consistent with pure-play utility companies. Upon closing, Midstream expects to establish a growing dividend with an initial level competitive with its midstream peers. Until the planned separation has been completed, DTE Energy Company expects to continue to pay its regular quarterly dividend. DTE Energy also announced the anticipated executive team who will lead DT Midstream upon closing of the separation transaction. Robert Skaggs Jr., a member of the DTE Energy Board, will serve as executive chairman of the new DT Midstream Board and will continue to serve as a member of the DTE Energy Board, David Slater, will serve as president and Chief Executive Officer of DT Midstream, Dick Redmond will serve as Chief Administrative Officer of DT Midstream, Chris Zona will serve as Chief Operating Officer of DT Midstream, Jeff Jewell will serve as Chief Financial Officer of DT Midstream and Wendy Ellis will serve as General Counsel of DT Midstream. Upon completion of the separation, David Slater, currently president and Chief Operating Officer of DTE Midstream, will become president and Chief Executive Officer of the new Midstream company. Additional members of Midstream's management team and Board of Directors will be announced prior to the separation. Stephen Baker, Wright Lassiter III, Elaine Pickle, Peter Tumminello and Dwayne Wilson will also be a part of the board of Midstream business. DT Midstream will have roughly 300 employees with about 60 based in Detroit coming from DTE. The transaction is subject to final approval by DTE Energy Company's Board of Directors, a Form 10 registration statement being declared effective by the Securities and Exchange Commission, regulatory approvals and satisfaction of other conditions. DTE Energy Company shareholder approval is not required to effect the separation transaction. The separation transaction is expected to be tax-free to DTE Energy and its shareholders for U.S. federal income tax purposes. DT Midstream has filed the Form 10 registration statement with the Securities and Exchange Commission in connection with the planned spin-off. DTE Energy intend to file an application to list Midstream business of DTE Energy's common stock on the NYSE under the ticker symbol “DTM” and the trading is expected to begin on or about June 17. As on June 4, 2021, SEC Form-10 was declared effective and transaction is approved by board of DTE Energy Company. As of May 11, 2021, the spin-off is expected to be completed in July 2021. DTE Energy Company is targeting to complete the spin-off by mid-year 2021. As of June 4, 2021, the transaction is expected to close on July 1, 2021. Barclays Capital Inc., and Lazard Group LLC acted as financial advisors, whereas Equiniti Trust Company acted as transfer agent to DTE Energy Company.

DTE Energy Company (NYSE:DTE) completed the spin-off of DT Midstream, Inc. for $3.7 billion on July 1, 2021. Shares of DT Midstream will begin trading on the NYSE at market open under the symbol "DTM." As on June 25, 2021, separation and distribution agreement was signed for the deal. Erik Tavzel and Andrew Elken of Cravath, Swaine & Moore LLP acted as legal advisors to both DT Midstream, Inc. and DTE Energy Company.