On 19 June 2017, EQT announced it will acquire Rice Energy for a total consideration of $8.1 billion. EQT will purchase all outstanding Rice shares for a total equity payment of $5.3 billion plus $1.3 billion in cash and the assumption of $1.5 billion in debt. Rice and EQT are two of the fastest growing Appalachian gas producers whose combined portfolios will result in the largest gas producer in the US. Chapter IV Investors, a hedge fund and EQT stakeholder, had recently advocated for EQT to merge with neighboring operators Range Resources or Antero Resources in order to transform the company from one of the leading operators in the northeast into the dominant gas producer in the country. Although this merger is on a smaller scale than either a Range or Antero deal would have been, the acreage gained through this deal is more complementary to EQT's existing position and will no doubt be a transformational opportunity.