Americold Realty Trust Inc. (NYSE: COLD) and EQT announced the formation of a joint venture valued at more than $1.3 billion focused on cold storage warehouse facilities in North America.

Under the agreement, Americold will contribute 12 cold storage facilities to the joint venture with an aggregate value exceeding $1.3 billion. The facilities comprise approximately 124 million cubic feet of temperature-controlled capacity with over 400,000 combined pallet positions across the United States.

EQT will acquire a 70% interest in the joint venture through its Active Core Infrastructure fund, while Americold will retain a 30% equity interest and serve as the day-to-day manager. Americold expects to receive approximately $1.1 billion in net cash proceeds from the transaction, which will be used to repay outstanding debt.

"This joint venture is an important strategic step for Americold, significantly strengthening our balance sheet, while aligning us with a strong partner in EQT who recognizes the intrinsic value of our mission-critical assets," said Rob Chambers, CEO of Americold.

The companies stated the joint venture is expected to be among the largest operators of cold storage facilities in North America on a standalone basis. Beyond the initial contributions, Americold and EQT expect the joint venture to serve as a platform for future growth, with Americold providing development support using its customer relationships and industry expertise.

The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions and regulatory approvals. Eastdil Secured LLC served as Americold's financial advisor, while J.P. Morgan Securities LLC and Morgan Stanley served as financial advisors to EQT and provided financing for the joint venture.