EQT to Buy Range Resources, Creating Largest US Natural Gas Producer
EQT is trading near its 52-week low of $47.937 (14% above the low).
Summary
EQT has agreed to acquire Range Resources in an all-stock deal valued at over $50 billion, a transaction the company is billing as creating America's undisputed natural gas champion. That would consolidate two of the largest Appalachian gas producers into a single dominant supplier. Under the terms, EQT will issue 0.987 shares for each Range share, with EQT shareholders to own about 73% of the combined company and Range's holders about 27%. The definitive merger agreement sets a $423 million termination fee payable by Range and $1,148 million by EQT, an October 25, 2027 outside date extendable to April 25, 2028, and adds Range CEO Dennis Degner plus one Range designee to a 12-member EQT board. EQT projects $325 million in synergies from the acquisition. The announcement lands after a busy stretch for EQT: an 8-K on October 13 flagged a $100 million Q3 derivatives gain and $70 million in net cash settlements, and management said in September it expects to grow 2026 gas output while spending less. Range Resources is the target here and the more directly re-rated name, since its shareholders face a conversion into EQT stock on the deal's terms.
Updated with an SEC 425 filing · What changed
Updates
· SEC 425 — The definitive merger agreement sets a $423 million termination fee payable by Range and $1,148 million by EQT, an October 25, 2027 outside date extendable to April 25, 2028, and adds Range CEO Dennis Degner plus one Range designee to a 12-member EQT board.
· SEC 8-K — The definitive merger agreement sets a $423 million termination fee payable by Range and $1,148 million by EQT, an October 25, 2027 outside date extendable to April 25, 2028, and adds Range CEO Dennis Degner plus one Range designee to a 12-member EQT board.
At the time of this announcement, EQT was trading at $54.74 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 news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.