EQT Says Regulators Want More Info on THQ Acquisition
03 December 2022 - 12:16AM
Dow Jones News
By Dean Seal
EQT Corp. said Friday that antitrust regulators have asked for
more information about its plans to buy upstream assets from THQ
Appalachia I LLC and THQ-XcL Holdings I LLC, potentially delaying
finalization of the deal.
The natural gas producer said in a securities filing that it
will furnish additional information and documentary materials to
the U.S. Federal Trade Commission and the antitrust division of the
U.S. Department of Justice related to the acquisition announced
back in September.
The issuance of the request extends the 30-day waiting period,
established under the Hart-Scott-Rodino Antitrust Improvements Act
of 1976, that federal antitrust regulators have to challenge a
merger. The window is extended until 30 days after both EQT and THQ
have substantially complied with the regulators' request, unless
the FTC chooses to close the window sooner.
EQT said it plans to respond to the request and work
cooperatively with the FTC in its review. Because the deal cannot
close while the waiting period is still in effect, EQT and THQ are
in discussions about potentially pushing their agreed-upon outside
date, or the date at which either side would be allowed to walk
away from the deal without penalties, back from Dec. 30.
The proposed deal would provide EQT with 11 years of inventory
at maintenance capital levels and "95-miles of owned and operated
midstream gathering systems connected to every major long-haul
interstate pipeline in southwest Appalachia," the company said in
September.
EQT shares slipped 1.2% to $41 in premarket trading.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
December 02, 2022 08:01 ET (13:01 GMT)
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