Rice Energy shares shed more than 7 percent on Tuesday after announcing it will buy Vantage Energy for about $2.7 billion, including debt.
The company reported it will pay about $1.02 billion in cash and will assume $700 million in debt.
“This acquisition adheres to our proven strategy of pursuing core shale gas acreage, leveraging our industry-leading technical shale team to deliver best-in-class well results and capturing a greater share of the value chain through our premier midstream services business,” Rice Energy CEO Daniel Rice said in a statement.
