Shearman & Sterling advised DTM Millennium Company (DTM Millennium), a subsidiary of DT Midstream (DTM), as they acquired an additional 26.25% of the membership interest in Millennium Pipeline Company (MPC) from National Grid Millennium (NG Millennium) for a purchase price of $552 million. DTM now holds a 52.50% interest in MPC.
DTM, based in Detroit, Michigan, is a publicly traded owner, operator, and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities.
NG Millennium is a subsidiary of National Grid PLC (National Grid), an electric and gas utility company headquartered in London, England. National Grid’s principal activities are based in the United Kingdom and in the Northeastern United States, where it owns and operates electric and natural gas transmission networks.
The Shearman & Sterling team below was supported by associates Aylmer Wang (New York-Finance) and Rebecca McCraw (Washington, DC-Antitrust).