EQT to buy Range Resources in $13 billion deal to create top US gas producer
EQT•EQT will buy Range Resources in an all-stock deal valued at $12.83 billion, or $54.91 per share, giving Range shareholders a 20.6% premium. The combined company will be valued at more than $50 billion including debt and expects about $20 billion in cumulative free cash flow over five years.
1. Deal terms
EQT said it will buy Range Resources in a $13 billion all-stock deal. Range shareholders will receive 0.987 EQT shares for each share held, representing a 20.6% premium to Range’s last closing price and an equity value of $12.83 billion, or $54.91 per share.
2. Combined operations
Including debt, the combined company will be valued at more than $50 billion. It will produce more than 9 billion cubic feet equivalent per day, with nearly 3 million net acres, more than 30 years of drilling inventory and over 3,700 miles of midstream infrastructure.
3. Cash flow and timing
The combined company expects about $20 billion in cumulative free cash flow over five years at recent market prices. The deal is expected to close in the first quarter of 2027; EQT shareholders will own about 73% of the combined company, and Range investors will hold the remaining 27%.
