Arch Resources, Consol Energy to Merge in All-Stock Deal

07:38 AM EDT, 08/21/2024 (MT Newswires) -- Arch Resources (ARCH) and Consol Energy (CEIX) said Wednesday they have agreed to a merger of equals in an all-stock transaction to create a new company called Core Natural Resources.

Under the terms of the agreement, Arch stockholders will receive 1.326 shares of Consol for each Arch share, the companies said.

The deal, expected to close by the end of Q1 2025, has been unanimously approved by the boards of both companies, according to the joint statement.

Upon closing, Core Natural Resources will trade under a new ticker, with Arch stockholders owning approximately 45% of the company and Consol shareholders the rest, the companies said.

Consol Chief Executive Jimmy Brock will serve as executive chairman, and Arch's Jimmy Lang will be the CEO and a member of the board. Mitesh Thakkar, Consol chief financial officer and president, will retain the position in the combined company, the companies added.

Arch shares rose 3% and Consol was more than 2% up in recent premarket activity.

Price: 130.55, Change: +3.81, Percent Change: +3.01