Equitrans Midstream (NYSE: ETRN), a Pennsylvania-based natural gas transmission company, has received shareholder approval for all the proposals concerning its planned merger with EQT Corporation (NYSE: EQT). Shareholders voted in favor of the merger agreement during a virtual special meeting held on Thursday. The company first announced the merger proposal on March 10, 2024.
The merger proposal garnered majority support from common and preferred stockholders, who voted as a single class. In addition, shareholders approved an advisory proposal concerning executive compensation related to the merger. They also passed the adjournment proposal, but the company deemed it unnecessary because of the approval of the merger agreement.
The special meeting saw a quorum with holders representing 397,040,176 shares of common and preferred stock present or represented by proxy. The final vote for the merger agreement proposal showed 392,443,848 in favor, 3,429,911 against, and 1,166,417 abstentions.
The advisory compensation proposal saw 374,556,248 votes in favor, 17,720,338 against, and 4,763,590 abstentions. Moreover, the proposal for adjournment, which was rendered moot, received 376,399,476 votes in favor, 18,748,522 against, and 1,892,178 abstentions.
Equitrans Midstream (NYSE: ETRN) and EQT Corporation (NYSE: EQT) expect to finalize the transaction on July 22, 2024, pending the satisfaction or waiver of the remaining closing conditions outlined in the merger agreement.
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