Tortoise announces expected constituent changes due to merger and acquisition activity
Published by Aimee Knight,
Editorial Assistant
World Pipelines,
Tortoise has announced that EQM Midstream Partners is expected to be removed from the Tortoise MLP Index® (TMLP) and the Tortoise North American Pipeline IndexSM (TNAP) pending shareholder approval of the merger with Equitrans Midstream Corporation. If approved, EQM will be removed from both indices effective at market close on Tuesday, 16 June, 2020.
For Tortoise MLP Index® (TMLP), should the EQM merger be approved, the removal of EQM from the index will trigger a special rebalancing.
For Tortoise North American Pipeline IndexSM (TNAP), should the EQM merger be approved, EQM will be removed from the index, but will not require a special rebalancing.
Special rebalancings in TMLP are triggered by corporate actions such as mergers, bankruptcies, and liquidations, in which the resulting weight of a single constituent exceeds the index’s 7.5% threshold and the target constituent weight exceeds certain weighting thresholds. Implementation of special rebalancings will be made in accordance with existing methodologies.
Read the article online at: https://www.worldpipelines.com/business-news/16062020/tortoise-announces-expected-constituent-changes-due-to-merger-and-acquisition-activity/
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