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官方开奖结果体彩网:merger of equals will create a coal producer called Core Natural Resources that will have 11 mines and about 25 million tonnes per annum (Mtpa) of export cap🌼acity.

Core Natural Resources will also have stake🍌s in a pair of East Coast terminals and strategic access to ports on the West Coast and the Gul🦩f of Mexico. 

Deal Seen Br🐓inging Up To $140M in Annual ♛Synergies

The deal, which is expected to close in early 2025, is seen generating between $110 million and $140 mil🦩lion in annual cost and operational 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官方开奖结果体彩网: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.