Former BlackRock exec's gas bet pays off with US$6.7b deal

New York

FIVE years ago, Daniel 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 US$6.7 billion.

EQT Corp's takeover of Rice Energy Inc, announced Monday, will form the largest natural gas producer in the US, vaulting ahead of ExxonMobil Corp. For the Rice family, the sale marks a substantial pay-off after a decade amassing acreage to become a major player in America's biggest shale-gas formation.

"This is a big day," Mr Rice, 65, said in a phone interview Monday. "The boys created a great company." Indeed, the boys - his 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 Ri…