DT Midstream to acquire additional 26.25% stake in Millennium Pipeline for $552M cash

DT Midstream, Inc.

Acquisition from National Grid raises DT Midstream's total ownership in Millennium Pipeline to 52.50%.
Transaction valued at approximately $552 million; financed with cash on hand and revolving credit facility.
Expected to close in Q4 2022, subject to HSR and other regulatory approvals.
Transaction multiple of 10x 2023 Adjusted EBITDA; immediately accretive to earnings.
Incremental 2022 Adjusted EBITDA contribution estimated at $12-14 million.

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