EQM Midstream Partners, LP (NYSE:EQM) signed a definitive agreement to acquire 100% stake in Hornet Midstream Holdings, LLC and 60% stake in Eureka Midstream Holdings, LLC from a fund managed by Morgan Stanley Infrastructure Inc. for $1 billion on March 14, 2019. Under the terms of the agreement, the consideration consists of approximately $860 million in cash and approximately $170 million of assumed debt. The transaction will be funded through cash proceeds from the issuance of $1.2 billion of newly issued Series A Convertible Preferred Units to lead investors consisting of funds managed by BlackRock, GSO Capital Partners, and Magnetar Capital. The transaction is subject to the customary regulatory and other closing conditions and expected to complete on or about April 15, 2019. The transaction is expected to be neutral to EQM distributable cash flow over the first twelve months and accretive thereafter. Michael Jamieson, Dylan Tornay, Ben Exner of Citigroup Inc. and Carlos Rivero, Joel Foote, David Dahlson and Alex Busch of Guggenheim Securities, LLC acted as financial advisors and Ryan Maierson, Nick Dhesi, Tim Fenn, Larry Stein, Adam Kestenbaum, Joel Mack, Catherine Lee, Drew Levin and Jason Cruise of Latham & Watkins LLP acted as legal advisors to EQM Midstream and its parent, Equitrans Midstream Corporation. Citigroup Inc. and Guggenheim Securities, LLC are also acting as joint placement agents for the issuance of convertible preferred units. Barclays Capital Inc. acted as the financial advisor to Morgan Stanley Infrastructure Inc. Tudor, Pickering, Holt & Co. acted as financial advisor to Morgan Stanley Infrastructure. Peter Marshall, Matt Falcone, Jeannie Poland, H.T. Flanagan, Daryne Foote, John Lynch, Stephen Jacobson, Sean Becker, John Decker and Hill Wellford of Vinson & Elkins LLP acted as legal advisor to Morgan Stanley Infrastructure Partners. Morgan Stanley acted as financial advisor to Morgan Stanley Infrastructure Inc. Kirkland & Ellis advised BlackRock, GSO Capital Partners and Magnetar Capital, acting as lead purchasers. EQM Midstream Partners, LP (NYSE:EQM) completed the acquisition of 100% stake in Hornet Midstream Holdings, LLC and 60% stake in Eureka Midstream Holdings, LLC from a fund managed by Morgan Stanley Infrastructure Inc. on April 10, 2019.