EQT to Acquire Range Resources in All-Stock Deal at 0.987 Exchange Ratio
RRC sits 56% above its 52-week low of $32.68.
Summary
Range Resources agreed to be acquired by EQT in an all-stock merger at 0.987 EQT shares per Range share, leaving Range holders with about 27% of a combined company with a pro forma enterprise value over $50 billion. The deal is targeted to close in Q1 2027 pending shareholder and regulatory approvals.
Key Events · M&A and Partnerships · RRC
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EQT to Acquire Range in All-Stock Merger
Each Range share converts into 0.987 shares of EQT common stock, with cash paid in lieu of fractional shares; the merger agreement was signed October 25, 2026 and unanimously approved by both boards.
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Range Holders Get 27% of Combined Company
Following closing, Range stockholders are expected to own approximately 27% and EQT stockholders approximately 73% of the combined company on a fully diluted basis, with a pro forma enterprise value over $50 billion.
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Break Fees Favor Deal Completion
Range would owe EQT a $423 million termination fee under specified circumstances, while EQT would owe Range $1,148 million.
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Q1 2027 Close Targeted
Closing is expected in Q1 2027, subject to Range and EQT shareholder approvals, HSR clearance, NYSE listing of the EQT shares and an effective Form S-4; either party can terminate if the merger is not completed by October 25, 2027.
Analysis · RRC · Energy & Transportation
The investment case shifts from Range's standalone gas economics to a fixed claim on EQT stock: each Range share converts into 0.987 EQT shares, and Range holders end up with roughly 27% of a combined company with a pro forma enterprise value above $50 billion. Because the exchange ratio is fixed, Range's price will now track EQT's rather than trade on its own production or buyback story. Break-up economics tilt toward closing: Range would owe $423 million if it walks, against EQT's $1,148 million. Completion is targeted for Q1 2027 and needs both shareholder votes plus HSR clearance, with an outside date of October 25, 2027.
At the time of this filing, RRC was trading at $51.05 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $10.6B. The 52-week trading range was $32.68 to $48.31. This filing was assessed with positive market sentiment and an importance score of 10 out of 10.