Consolidated Edison to sell Mountain Valley Pipeline stake for $357.5 million

Consolidated Edison, Inc. (NYSE:ED) announced Monday that a subsidiary has entered into an agreement to sell its approximately 6.6% interest in Mountain Valley Pipeline, LLC to a fund managed by Ares Management for $357.5 million. The transaction includes the company’s interests in both the Mountain Valley Pipeline and the Mountain Valley Pipeline Mainline Expansion.

According to a statement released by the company, the base purchase price will be adjusted for certain factors, including accrued taxes, performance assurances, and other items such as distributions received prior to closing. The price may also increase to account for any capital contributions made by Consolidated Edison’s subsidiary between the signing and closing of the agreement.

The transaction is expected to close in the first half of 2026, subject to customary closing conditions. It is also contingent on the potential exercise of preferential rights by the founding members of the Mountain Valley Pipeline.

Consolidated Edison stated that proceeds from the transaction are anticipated to be used to partially offset its common equity needs for 2026 and for other general corporate purposes.

This information is based on a press release statement included in a filing with the Securities and Exchange Commission.

In other recent news, Consolidated Edison Company of New York, a subsidiary of Consolidated Edison, Inc., has entered into a $500 million 364-day senior unsecured term loan credit agreement. The agreement was executed with U.S. Bank National Association acting as the administrative agent, alongside PNC Capital Markets LLC as joint lead arrangers and bookrunners. The company borrowed the full $500 million under this agreement to repay a portion of its unsecured term loan facility due in November 2025. Additionally, Consolidated Edison Company of New York announced a $900 million debt offering with Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and Wells Fargo Securities, LLC as underwriters. The debentures, registered under the Securities Act of 1933, are expected to provide long-term financing for the company. Furthermore, Consolidated Edison declared a quarterly dividend of 85 cents per share, payable on December 15, 2025, to stockholders of record as of November 19, 2025. These developments reflect the company’s ongoing financial maneuvers and commitments to its investors.

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