EQT-Range Merger Breakup Fees Disclosed: $1.148B Reverse Fee, $423M Seller Fee

summarizeSummary

Range's merger agreement with EQT carries a $1.148 billion reverse termination fee payable by EQT and a $423 million seller fee payable by Range, with a deal deadline of October 25, 2027. The terms were disclosed in a Pittsburgh Business Times interview with EQT CEO Toby Rice.

check_boxKey Events · M&A and Partnerships · RRC

• Breakup Fees Quantified

  EQT must pay Range a $1.148 billion reverse termination fee if the $13 billion deal fails on regulatory or certain other grounds; Range would pay EQT a $423 million seller fee.

• Fee Asymmetry Explained

  The buyer fee is more than twice the seller fee, a structure the companies described as standard based on the relative market caps of EQT and Range.

• Approvals and Deadline

  Both shareholder votes and Hart-Scott-Rodino antitrust clearance are required, with a termination right if the merger has not closed by October 25, 2027, automatically extended to April 25, 2028.

• Deal Terms Unchanged

  The all-stock exchange ratio of 0.987 EQT shares per Range share and the roughly $12.8 billion equity value are unchanged from the October 26 announcement.

auto_awesomeAnalysis · RRC · Energy & Transportation

The exit clauses in EQT's $13 billion all-stock purchase of Range now carry hard numbers. If the deal fails on regulatory or certain other grounds, EQT would owe Range $1.148 billion; if Range's board flips its recommendation or takes a higher bid, Range would owe EQT $423 million. That asymmetry is deliberate, with the buyer carrying the bigger penalty, as is standard when the target's shareholders are asked to accept acquirer stock. Both sides need shareholder votes and Hart-Scott-Rodino antitrust clearance by October 25, 2027, with an automatic extension to April 25, 2028. For Range holders, the fees raise the cost of a competing bid and make an EQT walk-away expensive, supporting deal completion without changing the 0.987 exchange ratio.