Arch Resources to merge with CONSOL Energy in a $2.34bn deal.

Arch Resources, an American coal mining and processing company, agreed to merge with CONSOL Energy, an American energy company, in a $2.34bn deal. Upon closing of the transaction, Arch stockholders will own approximately 45% of Core Natural Resources, and CONSOL stockholders will own approximately 55% on a fully diluted basis. Pro forma, Core Natural Resources would have a market capitalization of approximately $5.2bn. “We are excited to bring our companies together to create a new industry leader that is ideally positioned to meet the rising demand for critical resources and energy around the world. Our assets are highly complementary, resulting in increased diversification across coal types, end uses, and geographies. In addition, Core Natural Resources is expected to have a strong balance sheet, ample liquidity, and robust free cash flow to deliver industry-leading capital returns,” Jimmy Brock, CONSOL Energy Chairman and CEO.