DTE to buy shale distribution assets in $2.25 billion deal

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DTE Energy said it’s reached a deal to buy the gathering system and gathering pipeline in the Haynesville shale formation of Louisiana for $2.25 billion in cash plus a milestone payment of $400 million. DTE said the assets, being acquired from Momentum Midstream and Indigo Natural Resources, the primary gas producer supplying the system, include an existing gathering system and a 150-mile gathering pipeline under construction, which will be in service in the second half of 2020. DTE said the deal is immediately $0.15 accretive to operating earnings per share in 2020, growing to $0.45 per share over five years.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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