Key Takeaways 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 said the money raised will be used to buy back its debt.

EQT announces a $3.5B midstream joint venture with Blackstone to boost growth, enhance infrastructure assets and reduce debt, with a target of $9B in net debt by the end of the year.

EQT Corp. (NYSE:EQT) +3.7% pre-market Monday after saying asset manager Blackstone (BX) agreed to acquire non-controlling equity interests in some of its natural gas pipelines for $3.5B in cash. EQT (EQT) and Blackstone (BX) will form a new midstream joint venture consisting of EQT's ownership interest in the Mountain Valley pipeline,