EQT to buy Rice Energy for $6.7 bn

Markets 6/19/2017, 3:36 PM
EQT to buy Rice Energy for $6.7 bn

EQT Corporation is set to buy Rice Energy in a $6.7 billion cash and stock deal which will combine the two of America’s largest natural gas producers.

Rice shareholders are to receive 0.37 shares of EQT stocks and $5.30 in cash per share of Rice common stock, companies said in a statement. EQT will also take on around $1.5 billion of Rice's net debt as part of the deal. The transaction is expected to be closed by the year's end.

As of Monday morning, Rice and EQT had market values of $4 billion and $10.4 billion, respectively, US media reported. Rice is run by the Rice family while EQT is one of the largest natural gas producers in the United States.

TeleTrader Newsroom / KP

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