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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