EQT to acquire Range Resources for over $50 billion
EQT just announced it is acquiring Range Resources for more than $50 billion (including debt), making it the biggest natural gas producer in the US.
If you own Range shares, you will get almost one EQT share for each of yours, at a premium price of about $54.91 per share.
Combined business expected to save $325 million
Together, they will control nearly 3 million net acres in the Appalachian Basin and produce more than 9 billion cubic feet of natural gas equivalent per day.
The deal still needs regulatory and shareholder approval but could close by early 2027.
EQT shareholders will keep most of the new company (73%), while EQT expects the combined business to generate about $325 million in annual savings within two years of the deal.
After news broke, EQT's stock dipped, but Range's shot up by more than 10%.