Domino Theory: Private equity started chain reaction leading to EQT/Rice deal


[Context: On June 19, EQT (NYSE: EQT) announced its planned merger with Rice Energy (NYSE:RICE) in a $8.2bn cash and stock transaction. PE is deeply embedded in Rice Energy, with Natural Gas Partners, Quantum Energy Partners, Riverstone, Lime Rock Partners, and EIG all holding various interests in the company. In EQT’s proxy statement filed on July 27, it provides background leading up to the June merger announcement. It is interesting to note that two seminal events in the timeline are the acquisition of PE-backed Vantage Energy and its subsequent sale to Rice Energy. To paraphrase EQT’s description below, they couldn’t afford to let Rice Energy’s acreage fall into the wrong hands. Below is the blow-by-blow account in full from the SEC filing and related links.]

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