CNX to acquire all outstanding common shares of CNX Midstream for $357 million

The CNX/Evolution Well Services electric frac fleet, as seen June 26, 2019 at CNX’s RHL-13 Well Pad in Richhill Township, Greene County.

CNX’s RHL-13 Well Pad The CNX/Evolution Well Services electric frac fleet, as seen June 26, 2019 at CNX’s RHL-13 Well Pad in Richhill Township, Greene County. (JOE WOJCIK, Pittsburgh Business TImes/JOE WOJCIK, Pittsburgh Business TImes)

By Nate Doughty – Digital Producer, Pittsburgh Business Times

PITTSBURGH — CNX Resources Corp. announced Monday the acquisition of all outstanding common shares of CNX Midstream Partners LP in exchange for CNX common stock as part of a definitive merger agreement worth approximately $357 million.

The transaction, valued at a 15% premium of the company's 30-day average exchange ratio, is expected to be finalized in the fourth quarter.

“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,” Nicholas J. DeIuliis, president and CEO of CNX, said in a press release. “We expect the combined entity to be an even stronger company with a lower cost of capital and increased investable free cash flow.”

Read more in the Pittsburgh Business Times.

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