CNX Resources To Buy Natural Gas Upstream Business Of Apex Energy For $505 Mln Cash

CNX Resources Corporation Registered Shs

30.00 USD -3.91%

• Charts
• News
• Analysen

Kaufen / Verkaufen

(RTTNews) - CNX Resources Corp. (CNX), a natural gas company, announced on Thursday that it has inked a deal to acquire the natural gas upstream and associated midstream business of Apex Energy II, LLC, a portfolio firm of funds managed by Carnelian Energy Capital Management, L.P., in the Appalachian Basin for around $505 million in cash.

The consideration for the acquisition will be funded with CNX's secured credit facility.

The deal, expected to be closed in the first-quarter of 2025, will strategically expand CNX's existing stacked Marcellus and Utica undeveloped leasehold in the CPA region.

In addition, the acquirer expects operational and other development synergies to add incremental value to the core business in the coming years.