5 years on from leaving top firm this guy's family makes a billion

A Billion Dollars

A big day.

Bloomberg News reports that five years ago, Daniel J. Rice III was asked to step down from a lucrative position at BlackRock 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.

“This is a big day,” Rice, 65, said in a phone interview Monday. “The boys created a great company.”

Indeed, the boys - Rice’s three sons - will each walk away with money from change-of-control payments related to the deal as they’re all executives. They’ll also get a share of a deal that valued the family’s stake in Rice at about $1 billion as of early Monday, based on data compiled by Bloomberg. EQT is offering to pay a 37% premium over Rice’s close on Friday. 

Hit the link below to access the complete Bloomberg News article:

Ex-BlackRock Exec’s Gas Bet Pays Off With $6.7 Billion Takeover Deal

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