DTE Agrees to Sell DTE Vantage Subsidiary for Approximately $2.97 Billion

DTE Energy has entered into a definitive agreement to sell its wholly owned subsidiary, DTE Energy Resources, LLC (d/b/a DTE Vantage), to Velocity BidCo LLC for approximately $2.97 billion. DTE Vantage is comprised of renewable energy projects and custom energy solutions for industrial customers. The buyer is an entity owned by institutional investors advised by J.P. Morgan Asset Management's Global Infrastructure group.

Key Details

• Transaction Terms: DTE will sell all issued and outstanding equity interests in DTE Vantage for a purchase price of $2,970,672,573, subject to adjustments for cash, debt, working capital, and other expenses.
• Timeline & Conditions: The agreement was signed on November 1, 2026. The transaction is expected to close in mid-2027, subject to customary closing conditions, including regulatory approvals from FERC and under the Hart-Scott-Rodino Act.
• Termination Fee: The agreement includes a termination fee of approximately $148.5 million payable by the buyer to DTE under specified circumstances if the deal does not close.