Antero Midstream to acquire HG Midstream for $1.1B, divest Utica assets for $400M; expected close Q1/Q2 2026

Antero Midstream Corp

Acquisition of Marcellus Shale midstream assets from HG Energy for $1.1B cash; expected close Q2 2026.
Divestiture of Ohio Utica Shale assets for $400M cash; expected close Q1 2026.
Acquisition multiple ~7.5x avg EBITDA next 3 years; divestiture multiple >11x; immediately accretive to FCF >15%.
Expected to add ~900 MMcf/d throughput in 2026 and over 400 undeveloped Marcellus locations; $100M synergies.
Financing via revolver, divestiture proceeds, and/or debt capital markets; $700M committed bridge facility from RBC and Wells Fargo.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Antero Midstream Corp entered into a credit facility with Royal Bank of Canada, RBC Capital Markets, Wells Fargo Bank, N.A. and Wells Fargo Securities, LLC valued at $700 million (effective 2025-12-05).

Action: entry
Agreement: credit facility
Counterparty: Royal Bank of Canada, RBC Capital Markets, Wells Fargo Bank, N.A. and Wells Fargo Securities, LLC
Value: $700 million
Effective: 2025-12-05

Exact text from the filing

Antero Midstream Partners entered into a debt commitment letter dated December 5, 2025 with Royal Bank of Canada, RBC Capital Markets, Wells Fargo Bank, N.A. and Wells Fargo Securities, LLC (collectively, the "Banks"), pursuant to which the Banks have committed, subject to satisfaction of certain customary terms and conditions, to provide Antero Midstream Partners with an unsecured 364-day term loan facility in an aggregate principal amount of $700 million (the "Bridge Facility")

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Antero Midstream Corp entered into Membership Interest Purchase Agreement with HG Energy II LLC valued at $1.1 billion (effective 2025-12-05).

Action: entry
Agreement: asset purchase
Counterparty: HG Energy II LLC
Value: $1.1 billion
Effective: 2025-12-05

Exact text from the filing

On December 5, 2025, Antero Midstream Partners LP ("Antero Midstream Partners"), an indirect, wholly-owned subsidiary of Antero Midstream Corporation (the "Company"), entered into a Membership Interest Purchase Agreement (the "Purchase Agreement") to purchase 100% of the issued and outstanding equity interests of HG Energy II Midstream Holdings, LLC ("HG Midstream") from HG Energy II LLC ("HG Energy") for cash consideration of $1.1 billion

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Antero Midstream Corp filing history →

Source: SEC EDGAR

accession 0001104659-25-119059

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