Under agreement signed earlier, Murray Energy will acquire a 34% voting interest in Foresight Energy GP (FEGP), with 77.5% of the incentive distribution rights as well as 50% of the limited partner interest in Foresight Energy LP (FELP), including all of the outstanding subordinated units held by Foresight Reserves.
Foresight Energy operates four coal mines in America which will complement Murray Energy’s 12 existing mines that employ 13 longwall systems.
The company expects the combined companies and operations to help it reduce debt and facilitate acquisitions, while providing additional operating flexibility.
The company also gained access to certain other coal handling, transportation and transloading facilities.
Foresight Energy founder Christopher Cline will retain 66% voting interest in FEGP and an approximate 36% economic interest in FELP.
