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Announced

Completed

CNX Resources completed the acquisition of the remaining stake in CNX Midstream Partners for $357m.

Financials

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Transaction Value£278m
Consideration TypeOrdinary Shares
Capital Owned53%
Capital Bid For47%
EV/Sales2.6x
EV/EBITDA3.44x
Share Price Premium15%
One Off Charge-

Tags

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Acquisition

Friendly

midstream assets

Majority

Single Bidder

United States

Public

Oil Equipment and Services

Domestic

Completed

Privatisation

Private Equity

Synopsis

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CNX Resources, one of the largest independent natural gas exploration, development and production companies, completed the acquisition of the remaining stake in CNX Midstream Partners, a company that owns, operates, develops and acquires gathering and other midstream energy assets, for $357m. "We believe that this take-in transaction of CNX Midstream Partners is the optimal solution for all relevant stakeholders given the near- and long-term view of the MLP market. We expect the combined entity to be an even stronger company with a lower cost of capital and increased investable free cash flow," Nicholas J. DeIuliis, CNX Resources President and CEO.

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