EQT and Range Resources announced an all-stock merger agreement on Oct. 26, proposing to bring Range under EQT and combine two U.S. natural gas businesses.
The companies said the combined business would have a pro forma enterprise value above $50 billion. That figure describes the combined company; it is not the price being paid solely for Range.
The share exchange
According to Range’s regulatory filing, the agreement was signed Oct. 25. Range shareholders would receive 0.987 EQT shares for each Range share, with cash instead of fractional shares.
After closing, existing EQT shareholders would own approximately 73% of the combined company and Range shareholders about 27% on a fully diluted basis, the filing says. Those are proposed ownership terms, not a completed transfer.
Approvals remain ahead
The companies expect closing in the first quarter of 2027, subject to regulatory approvals and clearances, shareholder approvals at both companies and other customary conditions.
The business consequence is consolidation of natural gas production under a larger corporate platform. For counterparties, however, the announcement is the beginning of an approval and integration process rather than evidence that operating arrangements have already changed.
The announced timetable is an expectation, not a guaranteed closing date. The share-exchange terms also should not be read as a fixed cash payout or investment recommendation.