EQT Announces Transformative Transaction with Alta Resources
Highly Economic Assets in the Core of the Northeast Marcellus
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PITTSBURGH, May 6, 2021 /PRNewswire/ EQT Corporation (NYSE: EQT) today announced that it has entered into a purchase agreement with Alta Resources Development, LLC (Alta), pursuant to which EQT will acquire all of the membership interests in Alta s upstream and midstream subsidiaries for approximately $2.925 billion, subject to customary closing adjustments. The transaction is expected to close in the third quarter of 2021, with an effective date of January 1, 2021.
Transaction Highlights:
Projected annual free cash flow
(1) of $300-$400 million
EQT Announces Transformative Transaction with Alta Resources
édité le 06/05/2021 - Plus de news de EQT - Voir la fiche entreprise de EQT
EQT Corporation announced that it has entered into a purchase agreement with Alta Resources Development, LLC (Alta), pursuant to which EQT will acquire all of the membership interests in Alta s upstream and midstream subsidiaries for approximately $2.925 billion, subject to customary closing adjustments. The transaction is expected to close in the third quarter of 2021, with an effective date of January 1, 2021.
Transaction Highlights:
. Projected annual free cash flow(1) of $300-$400 million
. Projected annual adjusted EBITDA(1) of $550-$600 million
. Purchase price implies an ~18% unlevered free cash flow yield(1)
EQT announces transformative $2.9 billion transaction with Alta Resources 5/6/2021
EQT Corporation today announced it entered into a purchase agreement with Alta Resources Development, pursuant to which EQT will acquire all of the membership interests in Alta s upstream and midstream subsidiaries for approximately $2.925 billion, subject to customary closing adjustments. The transaction is expected to close in the third quarter of 2021, with an effective date of January 1, 2021. Today marks another major milestone for EQT as we continue on our path to becoming the operator of choice for all of our stakeholders,â President and CEO Toby Rice said. âThe acquisition of Alta s assets represents an attractive entry into the Northeast Marcellus while accelerating our deleveraging path, providing attractive free cash flow per share accretion for our shareholders and adding highly economic inventory to EQT s already robust portfolio.â
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EQT Corp, the largest U.S. natural gas producer, said on Thursday it will buy Blackstone-backed Appalachian basin rival Alta Resources for $2.93 billion in cash and stock, making an entry in the Northeast Marcellus shale play.
Dealmaking in the oil and gas space has been heating up as crude prices have jumped on a vaccine-led recovery in travel demand. Natural gas, in particular, hit record highs earlier in February when a winter storm swept parts of the United States.
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EQT To Acquire All Membership Interests In Alta s Upstream And Midstream Subsidiaries
WASHINGTON (dpa-AFX) - EQT Corp. (EQT) has entered into a purchase agreement with Alta Resources Development, LLC, pursuant to which EQT will acquire all of the membership interests in Alta s upstream and midstream subsidiaries for approximately $2.925 billion. The total purchase price consist of $1.0 billion in cash and approximately $1.925 billion in EQT common stock issued directly to Alta s shareholders. The stock consideration consists of approximately 105 million shares of EQT common stock representing $1.925 billion.
President and CEO Toby Rice said, The acquisition of Alta s assets represents an attractive entry into the Northeast Marcellus while accelerating our deleveraging path, providing attractive free cash flow per share accretion for our shareholders and adding highly economic inventory to EQT s already robust portfolio.