CNX Resources to Buy Out Midstream Affiliate in $357 Million Deal

摘要

CNX Resources Corp.agreed to buy out its midstream affiliate,creating the"lowest-cost Appalachia producer,"the Pittsburgh-based E&P company said July 27.Under a merger agreement,CNX Resources will purchase the remaining public stake,comprising about 42.1 million outstanding common units,of CNX Midstream Partners LP.Total consideration for the all-stock transaction,which is valued at roughly $357 million,is about $8.47 for each outstanding CNX Midstream unit.The exchange ratio of 0.88 CNX shares per CNX Midstream unit represents a 15% premium to the 30-day average exchange ratio or a 28% premium to close on July 24,according to analysts with Tudor,Pickering,Holt &Co.(TPH).