EQT to Buy Range Resources in $13 Billion Stock Swap

What happened

EQT Corp. agreed to buy Range Resources in a stock swap worth nearly $13 billion. EQT will issue 0.987 shares, worth about $54.91 based on Friday's close, for each Range share, a roughly 21% premium. The deal is slated to close in the first quarter of 2027.

Confirmed

Global impact / market context

The combined company would have a pro forma enterprise value topping $50 billion, creating a U.S. natural-gas giant. Bigger scale can spread fixed costs across more production, which means lower cost per unit and potentially stronger profit per sale of gas.

Analyst inference

The stock swap gives Range holders EQT shares rather than cash, so their payout moves with EQT's price. EQT holders would own about 73% of the combined company and Range holders around 27%, keeping control with EQT.

Analyst inference

What to watch

1. The deal is slated to close during the first quarter of 2027, so the companies face a long path of approvals before the combination is completed. Confirmed
2. Watch whether EQT issues the 0.987 shares per Range share as agreed, since the exchange ratio fixes how much ownership each side receives. Proposed
3. Watch whether EQT's stock weakness persists, because a lower EQT share price reduces the dollar value of the $54.91 offer that Range holders would receive. Analyst inference

Evidence

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