EQT completes acquisition of Rice Energy
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PITTSBURGH – EQT Corp. said Monday it completed its $6.7 billion acquisition of Rice Energy Inc.
The finalization of the transaction followed Thursday’s affirmative votes by shareholders of both companies for the merger.
“With the closing of the transaction, we are combining two of the leading operators in the Appalachian Basin to create an even stronger company that is positioned to deliver greater returns to shareholders through operating efficiencies and improved overall well economics,” said Steve Schlotterbeck, EQT’s president and chief executive officer. “This transaction complements our production and midstream businesses and will deliver significant operational synergies to help us maintain our status as one of the lowest-cost operators in the United States.”
In conjunction with the closing, and as previously announced under the terms of the merger agreement, two former Rice directors, Daniel J. Rice IV and Robert F. Vagt, have joined the EQT Board, effective immediately.