Sydney-based coal miner, Gloucester Coal, is acquiring Donaldson Coal for $618.5 million, Bloomberg reports. Hong Kong-based commodities firm, Noble Group, has sold Donaldson. Gloucester will pay $380 million in shares and also pay off Donaldson’s $237.62 million debt. The shares will be sold at $9.49 per share to the existing investors. The deal will give Gloucester three mining operations in Australia’s Hunter Valley.
Click here for the story from Bloomberg.
Click here for additional coverage from Reuters.