EQT Announces Definitive Agreement to Acquire Range Resources in All-Stock Transaction

EQT Corporation has entered into a definitive agreement to acquire Range Resources Corporation in an all-stock merger. The transaction, unanimously approved by the boards of both companies, will result in a combined entity where existing EQT shareholders will own approximately 73% and Range stockholders will own approximately 27%.

Key Details

• Transaction Terms: Each share of Range Resources common stock will be converted into the right to receive 0.987 shares of EQT common stock.
• Governance: EQT's Board of Directors will be expanded to 12 members, with two individuals from Range, including its CEO Dennis L. Degner, being appointed to the board at closing.
• Conditions & Timeline: The merger is subject to shareholder approval from both companies and regulatory clearance, including under the HSR Act. The agreement has an outside date of October 25, 2027, for completion.
• Termination Fees: The agreement includes termination fees of $1.148 billion payable by EQT and $423 million payable by Range Resources under certain specified conditions.