M&A · Energy · Bituminous Coal & Lignite Surface Mining
CONSOL Energy Inc. to acquire Arch Resources, Inc.
Announced Aug 21, 2024 · Closed Jan 14, 2025
Deal value$2.27BEV $2.16B
Premium—To unaffected price
EV / Adj. EBITDA4.5x0.8x EV / Revenue
ConsiderationAll stock$125.61 per share
Transaction
- Acquirer
- CONSOL Energy Inc.
- Target
- Arch Resources, Inc.
- Buyer type
- Strategic
- Offer price per share
- $125.61
- Enterprise value
- $2.16B
- Status
- Closed Jan 14, 2025
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Moelis, Perella Weinberg
- Moelis fee
- $3.5M
- Perella Weinberg fee
- $31.0M
Sector context · Energy
- Comparable deals
- 37 in the prior 24 months
- Premium
- Sector median 16.2%
- EV / Adj. EBITDA
- 4.5x vs. 7.1x sector median
- Break fee
- Sector median 2.9%
Timeline
- AnnouncedAug 21, 2024
- Proxy filedNov 26, 2024
- Definitive proxyNov 26, 2024
- Shareholder voteJan 9, 2025
- ClosedJan 14, 2025
Valuation · fairness opinions
Discounted cash flowMoelis$126.33$160.43
Discounted cash flowMoelis$186.71$230.50
Trading comparablesMoelis$88.47$112.77
Trading comparablesMoelis$94.81$122.22
Trading comparablesMoelis$110.38$134.76
Trading comparablesPerella Weinberg$129.00$162.00
Trading comparablesPerella Weinberg$125.00$158.00
Trading comparablesPerella Weinberg$99.00$127.00
Trading comparablesPerella Weinberg$91.00$117.00
Discounted cash flowPerella Weinberg$181.00$213.00
Offer $125.61
Implied value per Arch Resources, Inc. share by analysis, from Moelis and Perella Weinberg.