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Arch Resources Inc (NYSE:ARCH) shares are trading higher Wednesday after the company announced a deal with CONSOL Energy Inc (NYSE:CEIX) to combine in an all-stock merger.
What Happened: Arch and CONSOL Energy entered into a definitive agreement to combine in an equal all-stock merger to create Core Natural Resources.
Core Natural Resources is expected to be a leading producer and exporter of high-quality, low-cost coals ranging from metallurgical to high calorific value thermal coals. The combined company will own 11 mines and have mining operations and terminal facilities across six states.
On a Pro forma basis, Core Natural Resources would have a market cap of approximately $5.2 billion as of Aug. 19. The company’s pro forma revenues in 2023 were approximately $5.7 billion and pro forma adjusted EBITDA was approximately $1.8 billion, excluding expected synergies.
“This merger will join two proven leadership teams and best-in-sector operating platforms to establish a premier North American coal producer with worldwide reach and world-class mining and logistics capabilities,” said Paul Lang, CEO of Arch.
“Core Natural Resources will enjoy the benefits of CONSOL’s growing seaborne thermal business focused on industrial applications coupled with Arch’s significant exposure to attractive global metallurgical coal markets.”
The merger is expected to close by the end of the first quarter of 2025. Upon closing, Core Natural Resources will trade under a new ticker that has not been named. Arch stockholders will own approximately 45% of Core Natural Resources, and CONSOL stockholders will own approximately 55% on a fully diluted basis.
ARCH Price Action: Arch Resources shares were up 4.12% at $131.96 at the time of publication, according to Benzinga Pro.
Photo: Shutterstock.
