Under the terms of the merger agreement, which were unanimously approved by the boards of both companies, EQT will buy Equitrans in an all-stock transaction. And each outstanding share of Equitrans common stock will be exchanged for 0.3504 shares of EQT common stock – representing an implied value of $12.50 per Equitrans share based on the volume weighted average price of EQT common stock for the 30 days ending on March 8, 2024.