EQT to Acquire Range Resources for $13 Billion

American energy company EQT will acquire its competitor Range Resources for $13 billion. After the deal closes, EQT will become the largest natural gas producer in the US. The combined company's total value will exceed $50 billion.

The deal will be carried out in stock. Range Resources shareholders will receive 0.987 EQT shares for each share they hold. This values Range's share at $54.91, 20.6% above the price prior to the deal's announcement.

The combined company's daily natural gas production will exceed 9 billion cubic feet. It will own nearly 3 million acres of land and 3,700 miles of infrastructure. According to EQT's estimates, existing reserves will allow the company to continue natural gas production for more than 30 years.

Source: Reuters