EQT to Buy Range Resources in $13 Billion Stock Swap — Update

What happened

EQT agreed to buy Range Resources in a stock swap worth nearly $13 billion. EQT will issue 0.987 shares, 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 control more gas production and pipelines in the Appalachian Basin, possibly lowering its costs per unit. A larger, vertically integrated producer may weather gas price swings better, which could affect how investors value EQT and Range shares.

Analyst inference

Range shares were recently up 10% to $50.12 in premarket trading, while EQT shares slipped 2% to $54.49, as the article reports. The deal's first-quarter 2027 closing date means completion still lies ahead.

Confirmed

What to watch

1. EQT said the combined company would have a pro forma enterprise value topping $50 billion, with EQT shareholders owning about 73% and Range investors about 27%. Confirmed
2. Watch whether regulators or shareholders raise concerns before the first-quarter 2027 target close, since approval is needed for the stock swap to complete. Proposed
3. Track natural gas prices and the companies' production costs, because EQT says the combined firm would be the lowest-cost producer and resilient through commodity cycles. Analyst inference

Evidence

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