CCR - Consol Energy to acquire remaining public stake in Consol Coal
Consol Energy (CEIX) has announced to buy all publicly held units of Consol Coal Resources (CCR) it doesn’t already own in an all-stock transaction valued at ~$34.4M. Consol Energy currently owns ~60.7% of the outstanding Consol Coal common units.CEIX will acquire all of the ~10.9M outstanding CCR common units at a exchange ratio of 0.73 Consol Energy share for each publicly held Consol Coal common unit. ~8M shares will be issued representing ~22.2% of the Consol Energy shares outstanding on a pro forma basis.Consol Coal’s common units will cease to be publicly traded and the incentive distribution rights in CCR will be eliminatedTransaction expected to close in Q1 2021.
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Consol Energy to acquire remaining public stake in Consol Coal