EQT to acquire Range Resources in $13bn deal

BY Richard Summerfield

EQT Corporation has agreed to acquire rival Appalachian Basin producer Range Resources in a strategic, all-stock merger valued at $13bn. The combined company will have an enterprise value of $50bn, creating what EQT describes as the US’s largest and only vertically integrated natural gas producer.

Under the terms of the deal, which has been unanimously approved by the board of directors of both companies, EQT will acquire Range in an all-stock transaction. Each outstanding share of Range common stock will be exchanged for 0.987 shares of EQT common stock. As a result of the transaction, EQT’s existing shareholders are expected to own approximately 73 percent of the combined company and Range’s shareholders are expected to own approximately 27 percent.

The deal is expected to close during the first quarter of 2027, subject to the receipt of required regulatory approvals and clearances, approval of the transaction by shareholders of both EQT and Range, and the satisfaction of other customary closing conditions.

Upon the closing of the transaction, two representatives from Range, including Dennis Degner, president and chief executive of Range, will join EQT’s board of directors. EQT's executive management team will lead the combined company with headquarters remaining in Canonsburg, Pennsylvania.

Combined, EQT and Range will be able to produce more than 9 billion cubic feet of natural gas equivalent per day, the companies said. The next largest shale gas producer in the US is Expand Energy, which produces about 7.5 billion cubic feet a day.

“This transaction brings together two of the highest-quality, longest-duration asset bases in North America and creates a company uniquely positioned for the next era of natural gas,” said Toby Z. Rice, president and chief executive of EQT. “As the lowest-cost natural gas producer in the industry, supported by multiple decades of high-quality inventory, the combined company will offer exceptional resilience through commodity cycles while maintaining significant upside to strengthening natural gas fundamentals.

“Additionally, our expanded resource base solidifies EQT as the operator of choice for premium, long-term supply arrangements and provides unique growth optionality underpinned by contractual demand. We believe this combination creates a must-own energy company capable of generating durable, through-cycle free cash flow while compounding value for shareholders for decades to come,” he added.

“This combination of two highly successful operators with decades of inventory creates opportunities to build long-term value neither could fully realize independently,” said Mr Degner. “Our Board of Directors unanimously determined that this transaction will enhance Range shareholders' ability to participate in a constructive long-term natural gas and NGL macro outlook. The combined company will be uniquely positioned to capitalize on increasing demand for natural gas and liquids both domestically and internationally, delivering superior returns for investors.”

Deal: EQT to buy Range Resources in $13 billion deal to create top US gas producer

Salesforce to acquire Braze in $5.66bn deal

BY Richard Summerfield

US enterprise software company Salesforce has agreed to acquire customer engagement platform Braze in a deal worth $5.66bn. The acquisition will accelerate Salesforce’s push into artificial intelligence (AI) as companies continue to wrestle with AI’s rapid growth.

Under the terms of the deal, Salesforce will acquire Braze for approximately $47.50 per share in cash, implying an enterprise value of roughly $5.7bn. The offer represents a premium of approximately 58 percent to Braze’s prior closing price before the deal was announced.

The deal is expected to close in Salesforce’s fiscal year 2028, subject to customary closing conditions, including approval by Braze’s shareholders and receipt of required regulatory approvals. There is no anticipated change to Salesforce’s financial year 2027 guidance.

“Every interaction is an opportunity to wow your customers,” said Patrick Stokes, president of applications and marketing at Salesforce. “Most of that wow comes from knowing your customer, and responding at just the right moment. Braze was built to turn live customer behavior into personalized engagement at scale. Bringing that capability together with Salesforce Marketing Cloud, CRM, and Data 360 will deliver that wow moment in every customer interaction.”

“Braze was built on the conviction that marketers and their creativity are a brand’s ultimate competitive advantage,” said Bill Magnuson, chief executive and co-founder of Braze. “This past year we shipped at the fastest pace in our history, and BrazeAI is helping marketers get their best ideas live faster. Salesforce shares our commitment to marketers, and we’ll continue building as Braze and investing in the Braze community of customers and partners who built this company with us. Salesforce’s platform will help us innovate faster and together we’ll help marketers around the world build deeper, more lasting relationships with their customers.”

Braze is an AI marketing and personalisation company dedicated to ‘amplifying’ companies of any size, in any industry, according to its website. The company has around 2770 customers, including Canva, HBO Max, KFC and Venmo. According to a statement announcing the deal, Braze helps marketers strengthen customer relationships by responding to customer behaviour in real time, coordinating personalised experiences on platforms including mobile apps, websites, email and WhatsApp.

The Braze acquisition is the latest in a series of deals struck by Salesforce, which in June said it was due to purchase AI customer service platform Fin for $3.6bn. Shortly after, the company announced it had closed on its acquisition of m3ter, a metering and rating platform for consumption-based monetisation. In late September, Salesforce also announced the $2bn acquisition of AI-powered customer research and human simulation startup Listen Labs.

News: Salesforce deepens AI bets with $5.66 billion Braze deal

Proofpoint acquires Varonis in $6.3bn deal

BY Fraser Tennant

In a combination that creates a new cyber security powerhouse, Thoma Bravo portfolio company Proofpoint is to acquire data security software provider Varonis Systems in an all-cash deal valued at approximately $6.3bn.

Under the terms of the definitive agreement, Varonis shareholders will receive $49.75 per share in cash – a purchase price representing a premium of 52 percent to Varonis’ closing stock price of $32.71 on 22 June 2026.

Together, the combined company – which will serve more than 16,000 enterprises and millions of organisations globally – intends to deliver a unified platform that helps organisations adopt artificial intelligence (AI) with confidence: finding and protecting sensitive data, controlling what people and AI can access, and stopping data loss.

“As AI becomes embedded across the enterprise, the data it can access determines both its value and its risk,” said Sumit Dhawan, chief executive of Proofpoint. “AI agents are increasingly accessing sensitive information and taking action across systems, making it critical for organisations to understand not only what data needs protecting and who can access it, but how it is actually being used.

“By connecting communications, identities, permissions, data, and AI, we are creating an intelligence advantage that helps customers see risk more clearly, respond faster, and defend against the next generation of AI risks,” he continued. “This is a defining step in Proofpoint’s evolution into a cyber security platform built for the future of AI.”

Following closing, Proofpoint intends to move quickly to integrate the companies’ capabilities, align go-to-market efforts, and accelerate delivery of the combined platform to customers.

“This transaction is an excellent outcome for the company and our shareholders, representing a realisation of immediate, significant, and certain value well in excess of the risk-adjusted value of delivering against our standalone plan,” saidYaki Faitelson, chief executive, co-founder and chairman of the board of directors at Varonis.”

The transaction, which has been unanimously approved by the Varonis board of directors, is expected to close in the first half of 2027, subject to customary closing conditions, including approval by Varonis shareholders and receipt of regulatory approvals.

Mr Faitelson added: “Our mission is to secure AI and the data that powers it. By joining forces with Proofpoint, we can achieve this mission faster than ever.”

News: Thoma Bravo's Proofpoint to buy Varonis Systems in $6.3 billion all-cash deal

Devon Energy to exit Eagle Ford for $4.2bn

BY Richard Summerfield

Devon Energy has agreed to sell its Eagle Ford assets to Crescent Energy in a $4.2bn deal, as part of its ongoing portfolio review.

The deal, which carries an effective date of 1 July 2026, and is expected to close near year-end 2026, subject to regulatory approvals and customary closing conditions, will involve about 68,000 barrels of oil equivalent (boe/d) per day of production – around 4 percent of Devon’s total production – and approximately 90,000 net acres in the Texan counties of DeWitt, Gonzales and Karnes, according to separate statements by the companies.

Devon, a Houston, Texas-based Delaware Basin-focused producer, said it intends to use part of the proceeds of the deal to reduce debt. Devon had $11.4bn in outstanding debt as of the end of the second quarter, compared to a cash balance of $1bn and an undrawn credit facility of $3bn. The company has been re-evaluating its portfolio following a $58bn merger with Coterra Energy. Devon is increasingly focused on its core operations in the Permian Basin.

According to Crescent, the acquisition will expand its minerals and royalties business. The deal includes Devon-owned mineral interests that add roughly $50m in royalties earnings before interest, taxes, depreciation and amortisation (EBITDA), while increasing the share of Crescent royalties production operated by the company.

Crescent has been rapidly developing its Eagle Ford position, where the company has completed nine acquisitions since June 2023. Following closing, Crescent expects total production of about 400,000 boe/d, including roughly 170,000 b/d of oil.

“This acquisition represents a significant step forward for Crescent, adding high-quality assets at an attractive valuation in the heart of one of our core operating areas,” said David Rockecharlie, chief executive of Crescent Energy. “We know these assets exceptionally well through our longstanding minerals ownership and nearby operations, and see meaningful opportunity to make them even better. The transaction solidifies Crescent’s world-class Eagle Ford position and creates significant additional value creation opportunities through our proven operating strategy.”

“This sale is a direct outcome of our ongoing portfolio review, and it sharpens our focus on the highest-return, longest-duration assets,” said Clay Gaspar, president and chief executive of Devon Energy. “Over the past several years, we have leveraged technology to lower costs and increase productivity while coring up our Eagle Ford acreage footprint, and the attractive price agreed to reflects both the quality of the assets and that work. Selling a relatively mature asset into a strong commodity price environment improves our go-forward capital efficiency and allows us to accelerate share buybacks, strengthen our balance sheet and increase long-term value for shareholders.”

News: Devon sheds Eagle Ford assets for $4.2 billion to deepen Permian bet

Emera acquires Canadian Utilities in C$14.3bn deal

BY Fraser Tennant

In the largest merger of two Canadian companies in history, multinational energy holding company Emera is to acquire its rival Canadian Utilities in an all-stock transaction valued at C$14.3bn.

Under the terms of the definitive agreement, Emera will acquire all the issued and outstanding shares of Canadian Utilities and the ATCO Group, which owns a controlling stake in Canadian Utilities.

Operating as Emera, the combined company will have greater financial strength, broader capabilities and enhanced investment capacity to support expected growing energy and infrastructure needs across its operations.

This increased scale will position the company to support a range of capital-intensive priorities, electrification projects, major natural gas and electric transmission investments, large load customers, export infrastructure and other large-scale energy infrastructure projects.

“This merger creates a Canadian utility and energy infrastructure powerhouse with the scale, financial capacity and expertise to invest in the systems our customers will rely on for decades,” said Scott Balfour, president and chief executive of Emera. “As demand rises from electrification trends and major infrastructure development, the combined company will be better positioned to help meet growing energy needs and power Canada’s growth ambitions.”

The combination of Emera, with approximately 70 percent of earnings from operations in Florida, and Canadian Utilities with approximately 80 percent from operations in Alberta, creates a company with approximately 95 percent of earnings from regulated utilities, and approximately 80 percent of earnings generated in Florida and Alberta, two of the highest growth jurisdictions in North America.

“Together, these companies are expected to be better equipped to pursue opportunities created by economic growth, infrastructure expansion and increasing focus on security and resilience, creating long-term value for shareowners and Canadians alike,” added said Nancy Southern, chair and chief executive of ATCO.

Completion of the transaction – which is expected in the third or fourth quarter of 2027 – is subject to the satisfaction of customary conditions, including applicable shareholder, court and regulatory approvals.

Bob Myles, chief executive of Canadian Utilities Limited, concluded: “This merger will result a stronger, more resilient company - one that is better positioned to pursue new opportunities, support our people and communities, and deliver long-term value for shareholders.”

News: Emera bulks up for power demand boom with $10 billion Canadian Utilities deal