Business · NEWS EXPLAINER
EQT agrees $12.83bn all-stock Range deal; closing still needs votes and approvals
Range holders would receive 0.987 EQT shares apiece and own about 27% of the combined company. The companies target a first-quarter 2027 close, but the transaction remains conditional.
EQT agreed to acquire Range Resources in an all-stock transaction that Reuters valued at $12.83 billion in equity, or $54.91 per Range share. Each outstanding Range share would convert into 0.987 EQT shares.
The deal is signed but not closed. Both companies’ shareholders must approve it, regulators must clear it and customary conditions must be satisfied. EQT and Range say they are targeting the first quarter of 2027.
The headline numbers describe different measures
Reuters calculated $12.83 billion of equity value, while the companies cite a pro forma enterprise value above $50 billion including the broader capital structure. Treating those as interchangeable would overstate the purchase price.
The consideration is stock, not a cash payment
Range investors would receive 0.987 EQT shares for each Range share. On the stated ownership split, current EQT holders would have roughly 73% of the combined company and Range holders roughly 27%.
The agreement still has closing gates
Shareholders of both companies must vote, regulators must approve and customary conditions must be met. The first quarter of 2027 is a target window, not confirmation that ownership has transferred.
Scale would be concentrated in Appalachia
The companies estimate more than 9 Bcfe/d of net production, nearly 3 million net acres, over 30 years of drilling inventory and more than 3,700 miles of midstream infrastructure. Those are pro forma figures.
Synergies and cash flow are management projections
EQT forecasts $325 million of annual synergies within two years and about $20 billion of cumulative free cash flow over five years at recent strip prices. Commodity prices, approvals and integration can change those outcomes.
