EQT, Range Resources tie up in $50 billion-plus deal to create US gas giant
EQT•EQT will acquire Range Resources in an all-stock deal valued at more than $50 billion, including debt. Range shareholders will receive 0.987 EQT shares for each share, and the deal is expected to close in the first quarter of 2027, subject to approvals.
1. Deal terms
Range Resources shareholders will receive 0.987 EQT shares for each share held, valuing the deal at about $12.83 billion based on Range’s 233.68 million shares outstanding. The implied offer price of $54.91 per share is about 20.6% above Range’s last closing price on Friday. EQT shareholders will own about 73% of the combined company, with Range investors holding the remaining 27%.
2. Combined operations
The combined company will produce more than 9 billion cubic feet of natural gas equivalent per day and control nearly 3 million net acres in the Appalachian Basin. It will have more than 30 years of drilling inventory and about 3,700 miles of midstream infrastructure. EQT said the deal would lower its free cash flow breakeven to below $2 per million British thermal units and generate about $325 million in annual savings within two years. The transaction is expected to close in the first quarter of 2027, subject to regulatory and shareholder approvals.
