EQT Signs Definitive $50B+ All-Stock Merger With Range Resources at 0.987 Exchange Ratio

summarizeSummary

EQT agreed to acquire Range Resources in an all-stock deal at 0.987 EQT shares per Range share, creating a combined company with over $50 billion in enterprise value. EQT holders will own roughly 73% and Range holders 27%, with closing targeted for Q1 2027 pending shareholder and regulatory approvals. The definitive agreement carries a $1,148 million termination fee payable by EQT and $423 million by Range, an October 25, 2027 outside date extendable to April 25, 2028, and seats for Range CEO Dennis Degner plus one Range designee on a 12-member EQT board.

check_boxKey Events · M&A and Partnerships · EQT

• Updated · Oct 26 · SEC 425

  Closing Targeted Q1 2027 Under Definitive Agreement

  Completion requires Range shareholder adoption, EQT shareholder approval of the share issuance, NYSE listing approval, HSR clearance and an effective Form S-4; the definitive merger agreement sets the outside date at October 25, 2027, extendable to April 25, 2028.

• Updated · Oct 26 · SEC 425

  Range CEO Joins 12-Member EQT Board

  Under the definitive merger agreement, EQT's board expands to 12 members, with Range CEO Dennis Degner and one other Range designee appointed at closing and nominated at the first annual meeting thereafter.

• All-Stock Merger With Range Resources

  Each Range share converts into 0.987 EQT shares; the combined company has pro forma enterprise value over $50 billion and more than 9 Bcfe/d of net production across nearly 3 million net acres.

• Ownership Split 73/27

  EQT's existing shareholders will own approximately 73% and Range's stockholders approximately 27% of the combined company on a fully diluted basis.

auto_awesomeAnalysis · EQT · Energy & Transportation

This is a transformational consolidation of Appalachian gas, not a bolt-on: EQT is buying Range Resources in an all-stock deal that creates a combined company with pro forma enterprise value over $50 billion and more than 9 Bcfe/d of net production. EQT holders keep roughly 73% of the combined company and Range holders get 27%. The definitive agreement lays out the full contract, including a $1,148 million break fee EQT would owe Range versus $423 million the other way, an October 25, 2027 outside date extendable to April 25, 2028, and closing conditions spanning both shareholder votes, HSR clearance and an effective Form S-4. It also expands EQT's board to 12 members, with Range CEO Dennis Degner and one other Range designee appointed at closing and nominated at the first annual meeting thereafter. Management targets $325 million of base annual synergies within two years with a pathway above $600 million, and unlevered free cash flow breakeven below $2 per MMBtu. With closing targeted for Q1 2027, the shareholder votes and antitrust review are the gating items from here.