Rice Energy Inc agreed to acquire Vantage Energy LLC and Vantage Energy II LLC, Englewood-based producer of crude petroleum and natural gas, from Vantage Energy LLC, owned by Vantage Energy Inc and Vantage Energy II LLC, ultimately owned by Vantage Energy Inc. The value of the transaction was estimated at 2.77 billion. The consideration consisted of 39.1 million shares valued at closing stock price of $26.92 or a total of $1.052 billion worth of Rice Energy's common stock, $700 million debt reduction and $1.02 billion in cash. In connection with the acquisition, Rice Midstream Partners LP (RMP) will purchase the acquired midstream assets from Rice Energy for USD600 million. The transaction is expected to close in the fourth quarter of 2016, subject to customary closing conditions.
The exploration and production (E&P) assets to be acquired by Rice Energy include approximately 85,000 net core Marcellus acres in Greene County, Pennsylvania, with rights to the deeper Utica Shale on approximately 52,000 net acres and 37,000 net acres in the Barnett Shale. The core midstream assets to be acquired by RMP include 30 miles of dry gas gathering and compression assets.