EQT shares rose after the natural gas producer said Blackstone’s credit and insurance business is buying a $3.5 billion stake in its midstream assets through a joint venture.

EQT Corporation (NYSE: EQT) announced today that it has entered into a definitive agreement with funds managed by Blackstone Credit & Insurance ("BXCI"), to form a new midstream joint venture (the "JV") consisting of EQT's ownership interest in high quality contracted infrastructure assets: (i) Mountain Valley Pipeline,

EQT Corp. will receive $3.3 billion to form a joint venture that will hold the ownership of the Mountain Valley Pipeline and other assets it got from the recent acquisition of Equitrans Midstream Corp.