EQT Corp. will acquire all of the outstanding shares of Rice Energy Inc. common stock for US$6.7 Billion. EQT is already a producer in the Appalachian Basin, and the transaction will make them the largest natural gas producer in the United States, the company said
“Natural gas is the key to a cleaner energy world,” said Daniel J. Rice IV, CEO of Rice Energy, “and the combination of Rice and EQT — two of the United States’ largest, lowest-cost, and most responsible natural gas producers — creates an unparalleled leader in shale gas development that will benefit the environment and our shareholders for many decades to come.”
EQT will also obtain Rice’s midstream assets, including a 92% interest in Rice Midstream GP Holdings LP, which owns 100% of the general partner incentive distribution rights and 28% of the limited partner interests in Rice Midstream Partners LP, and the retained midstream assets currently held at Rice.