Pennsylvania-based petroleum and natural gas exploration and pipeline company EQT Corporation has agreed to buy Trans Energy for $3.58 per share in cash.
Trans Energy, a West Virginia-based shale producer, said it expected the deal to go through later this year.
The company said in a statement: “Under the terms of the agreement, the purchaser will commence a tender offer no later than five business days from the date hereof for all outstanding common stock of Trans Energy for $3.58 per share in cash.
“Upon the successful completion of the tender offer, the purchaser will acquire all remaining shares of Trans Energy through a second-step merger.”