DT Midstream (DTM)

DTM Doubles Down on Millennium

DT Midstream (DTM) is doubling down on Millennium Pipeline, reaching a deal to buy out co-partner National Grid for $552 million. The acquisition contributes to our relatively bullish outlook for DTM, which has seen strong performance recently from other assets in the Northeast.

DTM and National Grid announced the deal on September 29. DTM will acquire National Grid’s 26.25% stake, doubling the company's ownership in Millennium to 52.5%. TC Energy (TRP) owns the remaining 47.5% and manages pipeline operations. DTM will finance the transaction with cash on hand and drawings from a revolving credit facility. The companies expect to close the transaction in 4Q22.