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Blackstone Credit & Insurance Expands Midstream Joint Venture with EQT
The expanded partnership increases Blackstone's ownership stake in the Mountain Valley Pipeline project.
Published on Mar. 2, 2026
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Blackstone Credit & Insurance (BXCI) announced that its midstream joint venture with EQT Corporation, called PipeBox LLC, has exercised an option to acquire a larger stake in the Mountain Valley Pipeline project. Upon closing, PipeBox's ownership interest in the pipeline will increase from 49% to 53% after acquiring a portion of Consolidated Edison's stake. The total purchase price for the additional interest is $201 million, which will be funded pro rata by the joint venture partners.
Why it matters
The expansion of the BXCI-EQT joint venture highlights the strategic importance of midstream energy infrastructure assets like the Mountain Valley Pipeline. It also demonstrates BXCI's focus on providing flexible capital solutions to leading corporations in the energy sector.
The details
PipeBox LLC, the midstream joint venture between BXCI and EQT, has exercised an option to acquire a larger stake in the Mountain Valley Pipeline project. The joint venture will increase its ownership interest from 49% to 53% by purchasing a portion of Consolidated Edison's existing stake for $201 million. This transaction builds on BXCI's original $3.5 billion investment in PipeBox announced in 2024.
- The transaction is expected to close in the first half of 2026, subject to regulatory approval and closing conditions.
- BXCI and EQT originally formed the PipeBox joint venture in 2024.
The players
Blackstone Credit & Insurance (BXCI)
One of the world's leading credit investors, providing flexible capital solutions to corporations across various credit markets.
EQT Corporation
A leading natural gas producer in the United States, partnering with BXCI on the midstream PipeBox joint venture.
Consolidated Edison, Inc.
An energy company that is selling a portion of its stake in the Mountain Valley Pipeline project to the BXCI-EQT joint venture.
PipeBox LLC
The midstream joint venture between BXCI and EQT that is acquiring the additional stake in the Mountain Valley Pipeline.
Mountain Valley Pipeline, LLC
The company that owns and operates the Mountain Valley Pipeline, a major natural gas pipeline project in the United States.
What’s next
The transaction is expected to close in the first half of 2026, subject to regulatory approval and closing conditions.
The takeaway
This deal demonstrates Blackstone's continued focus on strategic investments in energy infrastructure, leveraging its expertise in credit and capital solutions to support leading companies like EQT in growing their midstream assets and capabilities.
