Arch Resources (ARCH) and Consol Energy (CEIX) are merging in an all-stock deal, the two coal miners said Wednesday.

The companies, who have a combined market cap of about $5.2 billion, said the all-stock 澳洲幸运5开奖号码历史查询:merger of equals will create a coal producer ca🎉lled Core Natural Resources that will have ꧂11 mines and about 25 million tonnes per annum (Mtpa) of export capacity.

Core Natural Resources will also have stakes in a pair of East Coast terminalsꦆ and strategic access to ports on the West Coast and the Gulf of Mexico. 

Deal Seen Bringing Up To $140M in Annual Syne🌜rgies

The deal, which is expected to close in early 2025, is seen generating between $110 million and $140 million in annual cost and operational𒁃 synergies, the firms♚ said.

"Our assets are highly complementary, resulting in increased diversification across coal types, end uses, and geographies," Consol 澳洲幸运5开奖号码历史查询:Chief Executive Officer (CEO) Jimmy Brock said.

🌳Shares✃ of Consol gained 3.8% to $98.35 as of 12:45 p.m. ET Wednesday, while those of Arch rose 1.8% to $129.06. They are down more than 2% and 22% year-to-date, respectively.