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Consol Energy Closes USD 420m Sale of the Buchanan Mine, Other Coal Assets.

MANews-(C)2009-2016

4 April 2016 - US-based natural gas and coal producer Consol Energy Inc. (NYSE: CNX) has closed on the sale of the Buchanan Mine in southwestern Virginia and certain other metallurgical coal reserves to Coronado IV LLC, the company said.

Total consideration to Consol totaled USD 420m in value, including USD 402.8m cash paid at the closing.

Consol Energy is a Pittsburgh-based producer of natural gas and coal.

The company is one of the largest independent natural gas exploration, development and production companies, with operations centered in the major shale formations of the Appalachian basin.

Consol Energy deploys an organic growth strategy focused on rapidly developing its resource base.

As of 31 December 2015, Consol Energy had 5.6tn cubic feet equivalent of proved natural gas reserves.

The company's coals are sold to electricity generators and steel makers, both domestically and internationally.

Country: USA

Sector: Petroleum/Natural Gas/Coal

Target: Buchanan Mine in southwestern Virginia, certain other metallurgical coal reserves

Buyer: Coronado IV LLC

Vendor: Consol Energy Inc

Deal size in USD: 420m

Type: Corporate Acquisition

Financing: Cash

Status: Closed

Buyer advisor: , ,

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Publication:M & A Navigator
Date:Apr 4, 2016
Words:186
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