Deal Description:  On July 27, 2020, CNX Resources Corporation (NYSE: CNX) (“CNX”) and CNX Midstream Partners LP (NYSE: CNXM) (“CNX Midstream”) announced that they have entered into a definitive merger agreement pursuant to which CNX will acquire all of the outstanding common units of CNX Midstream that it does not already own in exchange for CNX common stock valued at approximately $357 million, based on the most recent closing price of CNX common stock. 

Under the merger agreement, each outstanding common unit of CNX Midstream that CNX does not already own will be converted into 0.88 shares of CNX common stock, representing a 15% premium to the average exchange ratio during the 30 trading days ended July 24, 2020. 

The terms of the transaction were negotiated, reviewed and approved by the Conflicts Committee of the Board of Directors of CNX Midstream’s general partner and by that Board of Directors.

Baker Botts L.L.P. represented the conflicts committee in the transaction. 

For more information, please see CNXM’s news release here. 

Baker Botts Lawyers/Office Involved: 

• Corporate: Joshua Davidson (Partner, Houston); A.J. Ericksen (Partner, Houston); Carina Antweil (Senior Associate, Houston); Sunil Jamal (Associate, Houston); Lauren Richter (Associate, Houston)
  
  
• Tax: Michael Bresson (Partner, Houston); Chuck Campbell (Special Counsel, Houston) 
  
  
• Litigation: David Sterling (Partner, Houston); Travis Sales (Partner, Houston); Tina Nguyen (Senior Associate, Houston) 
  
  
• Oil & Gas: Gerry Morton (Special Counsel, Houston); Kyle Doherty (Associate, Houston) 
  
  
• Environmental: Scott Janoe (Partner, Houston); Austin Echols (Associate, Houston) 
  
  
• Employee Benefits: Mark Bodron (Partner, Houston)
   
• Antitrust: Michael Bodosky (Special Counsel, Washington D.C.)

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