March 2, 2026
NEW YORK – Blackstone Credit & Insurance (“BXCI”) announced that PipeBox LLC (“PipeBox”), a midstream joint venture between affiliates of BXCI and EQT Corporation (“EQT”), has exercised its option to acquire a portion of Consolidated Edison, Inc’s interest in Series A of Mountain Valley Pipeline, LLC (“MVP A”). Upon closing, PipeBox’s ownership interest in MVP A will increase from 49% to 53%.
The total purchase price consideration for the interest is $201 million, subject to purchase price adjustments, which will be funded pro rata by the joint venture partners. This 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 satisfaction of regulatory approval and closing conditions.
The expanded partnership underscores the high-quality nature of EQT’s midstream assets and BXCI’s focus on providing flexible high-grade capital solutions to the world’s leading corporations.
Barclays and Citi acted as financial advisors to PipeBox. Kirkland & Ellis LLP served as legal counsel to EQT and PipeBox on the transaction. Milbank LLP served as legal counsel to BXCI.
About Blackstone Credit & Insurance
Blackstone Credit & Insurance is one of the world’s leading credit investors. Our investments span the credit markets, including private investment grade, asset-based lending, public investment grade and high yield, sustainable resources, infrastructure debt, collateralized loan obligations, direct lending and opportunistic credit. We seek to generate attractive risk-adjusted returns for institutional and individual investors by offering companies capital needed to strengthen and grow their businesses. BXCI is also a leading provider of investment management services for insurers, helping those companies better deliver for policyholders through our world-class capabilities in investment grade private credit.
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