Deals
Ex-BlackRock Exec’s Gas Bet Pays Off With $6.7 Billion Takeover Deal
- Daniel Rice III left BlackRock to avoid conflict of interest
- Rice Energy sale marks a big payoff for him and his family
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Five years ago, Daniel J. Rice III was asked to step down from a lucrative position at BlackRock Inc. because of the side business he’d created with his sons. That business just sold for $6.7 billion.
EQT Corp.’s takeover of Rice Energy Inc., announced Monday, will form the largest natural gas producer in the U.S., vaulting ahead of Exxon Mobil Corp. For the Rice family, the sale marks a substantial payoff after a decade amassing acreage to become a major player in America’s biggest shale-gas formation.