01—Abstract
Summary
Summary of the 8-K filed November 24, 2025. Cited figures are marked; the original filing is the authoritative source.
Consolidated Edison, Inc. (ED) announced on November 24, 2025, that a subsidiary has entered into an agreement to sell its approximately 6.6% stake in Mountain Valley Pipeline, LLC (MVP) to an Ares Management fund for $357.5 milliona.
This sale includes the company's interests in both the Mountain Valley Pipeline and its Mainline Expansion. The proceeds from this transaction are earmarked to help fund Con Edison's common equity needs for 2026 and will also be used for general corporate purposes.
The sale is expected to close in the first half of 2026, contingent upon standard closing conditions and the potential exercise of preferential rights by MVP's founding members. This divestment represents a strategic move by Con Edison to manage its capital structure and allocate resources.
02—Key points
Key Highlights
- Con Edison subsidiary to sell ~6.6% interest in Mountain Valley Pipeline, LLC (MVP) and its Mainline Expansion.
- Sale price agreed upon is $357.5 million to an Ares Management fund.
- Transaction expected to close in the first half of 2026, subject to customary conditions and preferential rights.
- Proceeds will be used to partially offset 2026 common equity needs.
- Proceeds will also be utilized for general corporate purposes.
- The base purchase price is subject to adjustments for accrued taxes, performance assurances, distributions, and capital contributions.
03—Questions
Frequently Asked Questions
What is being sold and for how much?
Con Edison's subsidiary is selling its approximately 6.6% interest in Mountain Valley Pipeline, LLC (which includes its stake in the MVP and its Mainline Expansion) for $357.5 million to an Ares Management fund.
When is this sale expected to be completed?
The transaction is anticipated to close in the first half of 2026. However, this is subject to customary closing conditions and the potential exercise of certain preferential rights by MVP's founding members.
How will Con Edison use the proceeds from this sale?
Con Edison plans to use the proceeds to partially offset its common equity needs for 2026 and for other general corporate purposes.
Are there any potential changes to the purchase price?
Yes, the base purchase price of $357.5 million will be adjusted. It will be reduced by certain accrued taxes, performance assurances, and distributions received before closing, and increased by any capital contributions made by the seller between the agreement signing and closing.
04—Continue