A new consolidation move in the U.S. natural gas sector is set to combine EQT Corp and Range Resources in an all-stock transaction valued at more than $50 billion. The companies say the deal would create the largest vertically integrated natural gas producer in the United States, with closing expected in the first quarter of 2027 if regulators and shareholders approve it.
Highlights
- EQT will acquire Range Resources in an all-stock deal valued at $50 billion, with Range shareholders receiving 0.987 EQT shares per Range share.
- Post-merger, EQT shareholders will own 73% and Range investors 27% of the combined entity, creating the largest vertically integrated U.S. natural gas producer.
- The transaction, requiring shareholder and regulatory approvals, is expected to close in the first quarter of 2027 and marks a major U.S. gas market consolidation.
Deal structure and ownership terms
As reported by Reuters, EQT said on Monday that Range shareholders will receive 0.987 shares of EQT stock for each share they hold.After the transaction closes, EQT shareholders are expected to own about 73% of the combined company, while Range investors will hold the remaining 27%. The companies structure the acquisition as an all-stock deal, avoiding a cash component in the takeover terms.
Industry scale and approval timeline
The combination is aimed at building what the companies describe as the largest vertically integrated natural gas producer in the U.S. The transaction still requires regulatory clearance and approval from shareholders of the companies involved.EQT expects the deal to close in the first quarter of 2027. The proposed acquisition stands out as one of the largest energy-sector transactions announced in the U.S. gas market.
In our earlier report on EQT’s acquisition of U.S. real estate firm Stockbridge, we outlined how the $375 million deal was designed to expand EQT’s real estate platform and add roughly $37 billion in managed assets, following its purchase of Coller Capital. We also noted the broader consolidation trend in private capital as firms seek scale amid tougher fundraising and slower exits.
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