EQT to buy Range Resources in all-stock deal creating top US gas producer
-1.40% to $54.85 from $55.63
What moved EQT
- EQT will acquire Range Resources in an all-stock deal in which each Range share converts into 0.987 EQT shares; EQT shareholders would own about 73% of the combined company and Range shareholders about 27%.
- The combined company would have a pro forma enterprise value exceeding $50 billion, net production above 9 billion cubic feet equivalent per day, more than 30 years of inventory across nearly 3 million net acres, and over 3,700 miles of midstream infrastructure.
- EQT said it expects $325 million in annual cost synergies within two years, with a longer-term pathway to more than $600 million.
- Both companies’ boards unanimously approved the deal, which is expected to close in the first quarter of 2027 subject to shareholder and regulatory approvals.
Sources: Bloomberg · PGJ Online · EQT Investor Relations · Investing.com