EQT to buy Range Resources in $50 billion-plus all-stock deal

What happened

EQT Corp said Monday it will acquire Range Resources in an all-stock deal valued at more than $50 billion including debt, creating what the companies called the largest vertically integrated natural gas producer in the United States. Range shareholders will receive 0.987 EQT shares per share, an implied $54.91 per share — about 20.6% above Range's Friday close, valuing the equity at roughly $12.83 billion on 233.68 million shares outstanding. EQT shareholders will own about 73% of the combined company and Range investors 27%; the deal is expected to close in the first quarter of 2027, subject to regulatory and shareholder approvals.

Who’s affected

• EQT (acquirer; shares down ~4.6% premarket on dilution/integration risk)
• Range Resources / RRC (target; shares up ~10% premarket on the ~20.6% premium)
• U.S. natural gas producers and Appalachian peers (read-through on consolidation and gas-demand optimism)
• Data-center power beneficiaries (gas as a feedstock for AI-era electricity demand)

Sources

reuters.cominvestopedia.com