EQT agrees to buy Range Resources in a roughly $13 billion stock deal
The combined natural-gas producer would have an enterprise value above $50 billion; shareholders and regulators still need to approve the transaction.
EQT agreed Monday to acquire Range Resources in an all-stock transaction worth roughly $13 billion, combining two Appalachian natural-gas producers. Range shareholders would receive 0.987 EQT shares for each share they own. Based on Friday's closing prices, that represented about $54.91 a share, roughly a 21% premium to Range's close.
The more than $50 billion enterprise value cited in the announcement describes the combined company, including debt, rather than the purchase price for Range. Existing EQT shareholders would own about 73% of the combined business and Range shareholders about 27%.
The companies expect to close in the first quarter of 2027, subject to shareholder votes, regulatory approvals and other conditions. The combined operations would produce more than 9 billion cubic feet equivalent of gas a day, with more than 30 years of drilling inventory. The deal puts a larger supply base behind a bet on demand from liquefied-natural-gas exports and power generation.
