Why Equitrans Midstream Stock Is Soaring Today

Shares of Equitrans Midstream (NYSE: ETRN) surged more than 17% by 2:30 p.m. EDT on Monday. Fueling the energy company's rally was the approval of its merger with affiliate EQM Midstream (NYSE: EQM).

In late February, Equitrans Midstream announced a series of strategic actions designed to simplify its structure and bolster its financial profile. One of the notable moves it proposed was acquiring all the outstanding EQM Midstream units that it didn't already own in a share-for-unit exchange. Investors in both companies have now approved that merger agreement and the issuance of new common and preferred shares by Equitrans to complete the deal. The companies expect to close the transaction on June 17.

Image source: Getty Images.

Source Fool.com