CNX Resources to acquire remaining public stake in CNX Midstream

CNX Resources Corp. agreed to acquire all of the outstanding common units of CNX Midstream Partners LP that it does not already own in exchange for CNX common stock valued at some $357 million.

Under the merger agreement, each outstanding common unit of CNX Midstream that CNX does not already own—about 42.1 million—will be converted into 0.88 shares of CNX common stock, representing a 15% premium to the average exchange ratio during the 30 trading days ended July 24.

Following the deal’s closing, expected in this year’s fourth quarter subject to customary approvals and conditions, “CNX is expected to be the lowest cost producer in the Appalachian basin, with increased operational flexibility and basin leading operational metrics,” said Don W. Rush, chief financial officer, in a statement June 27.

CNX currently owns about 53.1% of the outstanding common units.