DT Midstream Buys Remaining Interest In Millennium Gas Pipeline Company

New York, NY – National Grid today announces the sale of its 26.25% minority ownership of Millennium Pipeline Company, LLC (“MPC”) to DT Midstream, an existing owner of a stake in MPC, for approximately $552mm in cash proceeds. The pipeline, located in New York State, supplies gas to a number of Northeast US utilities. This sale will not impact National Grid’s ability to buy, ship or sell natural gas via the pipeline, nor will it impact our ability to procure for customers at the lowest possible cost.

National Grid has entered into a definitive Membership Interest Purchase Agreement to sell the interest. We expect to close the transaction in the fourth quarter of 2022, subject to customary closing conditions and regulatory approvals, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. There are no National Grid employees impacted by the transaction.

BofA Securities acted as exclusive financial advisor and Morgan, Lewis & Bockius LLP acted as legal advisor to National Grid on this transaction.