EQT Corporation agrees to buy Range Resources in all-stock merger

Each Range share would convert into 0.987 EQT shares, and EQT holders would keep about 73 per cent of the combined company.

EQT Corporation agrees to acquire Range Resources in an all-stock merger. Each Range share would convert into 0.987 shares of EQT common stock. The combined company would have an enterprise value of more than $50 billion on a pro forma basis, meaning as if the merger had already closed.

EQT shareholders are expected to own about 73 per cent of the combined company. Range shareholders would own about 27 per cent. Dennis L. Degner and one other Range designee would join the EQT board. The companies expect the deal to close in the first quarter of 2027, subject to shareholder and regulatory approvals.

The terms match those first disclosed earlier today, with no change to the exchange ratio or structure. The nearly 15 months before a first-quarter 2027 close leave room for regulatory review of a deal that combines two large Appalachian gas producers. Under specified circumstances, Range would pay a termination fee of $423 million, and EQT would pay $1,148 million. That gap points to where the greater risk to completion is seen to lie. Shareholder votes at both companies are the next step before the merger can move toward closing.