EQT Signs Definitive $50B+ All-Stock Merger With Range Resources at 0.987 Exchange Ratio
EQT is trading near its 52-week low of $47.937 (13% above the low).
Summary
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.
Key Events · M&A and Partnerships · EQT
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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.
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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.
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Synergy Targets and Breakeven
Management expects $325 million of base annual synergies within two years, a pathway to more than $600 million long-term, and unlevered free cash flow breakeven below $2 per MMBtu.
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Break Fees: $1,148M EQT / $423M Range
EQT would owe Range a $1,148 million termination fee under specified circumstances; Range would owe EQT $423 million.
Analysis · EQT · Energy & Transportation
EQT is buying Range Resources in an all-stock deal that creates the largest natural gas producer in the U.S., with pro forma enterprise value above $50 billion and over 9 Bcfe/d of net production. The definitive terms are now public: Range holders get 0.987 EQT shares each and will own about 27% of the combined company, while EQT holders keep about 73%. Management targets $325 million of annual synergies within two years and a pathway to more than $600 million, plus an unlevered free cash flow breakeven below $2 per MMBtu. The deal is not done — it needs shareholder votes from both companies, HSR clearance and an effective Form S-4, with closing targeted for Q1 2027 and an outside date of October 25, 2027. If EQT walks under specified circumstances it owes Range $1,148 million; Range owes EQT $423 million. That asymmetry tells you who carries more deal risk.
At the time of this filing, EQT was trading at $54.19 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $34.8B. The 52-week trading range was $47.94 to $68.24. This filing was assessed with positive market sentiment and an importance score of 10 out of 10.