Energy Exploration | Canonsburg, PA | Corporate Acquisition
EQT has agreed to acquire Rice Energy for about $6.7 billion in cash and stock, becoming the largest producer of natural gas in the US in the process. The deal represents a 37% premium to Rice's closing share price on June 16. EQT will acquire Rice's midstream assets and assume or refinance $1.5 billion of Rice's net debt and preferred equity. Shares of EQT (NYSE: EQT) dropped nearly 9% on Monday, while Rice (NYSE: RICE) gained almost 25%.