M&A Deal Summary

Bowie Resources Acquires Canyon Fuel

On August 19, 2013, Bowie Resources acquired oil/gas exploration company Canyon Fuel from Arch and ITOCHU Coal International for 423M USD

Acquisition Highlights
  • This is Bowie Resources’ 1st transaction in the Oil/Gas Exploration sector.
  • This is Bowie Resources’ largest (disclosed) transaction.
  • This is Bowie Resources’ 1st transaction in the United States.
  • This is Bowie Resources’ 1st transaction in Utah.

M&A Deal Summary

Date 2013-08-19
Target Canyon Fuel
Sector Oil/Gas Exploration
Buyer(s) Bowie Resources
Sellers(s) Arch
ITOCHU Coal International
Deal Type Divestiture
Deal Value 423M USD

Target

Canyon Fuel

Midvale, Utah, United States
Canyon Fuel owns and operates two longwall mines in Utah - Sufco in Sevier County and Dugout Canyon in Carbon County. In addition, the company owns the currently idle Skyline mine, which also is located in Carbon County. In total, Canyon Fuel controls approximately 161 million tons of high-quality, low-sulfur coal reserves in Utah.

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Buyer(S) 1

Buyer

Bowie Resources

Ashland, Kentucky, United States

Category Company
Founded 1995
Sector Oil/Gas Exploration
DESCRIPTION

Bowie Resources Ltd. engages in the production of coal.


DEAL STATS #
Overall 1 of 1
Sector (Oil/Gas Exploration) 1 of 1
Type (Divestiture) 1 of 1
State (Utah) 1 of 1
Country (United States) 1 of 1
Year (2013) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 2

SELLER

Arch

St. Louis, Missouri, United States

website


Category Company
Founded 1969
Sector Metals/Mining
Employees3,404
Revenue 3.7B USD (2022)
DESCRIPTION

Arch is a coal producer and marketer. Its core business is supplying cleaner-burning, low-sulfur thermal and metallurgical coal to power generators and steel manufacturers on five continents. Arch was founded in 1969 and is based in St. Louis, Missouri.


DEAL STATS #
Overall 3 of 4
Sector (Oil/Gas Exploration) 3 of 3
Type (Divestiture) 3 of 4
State (Utah) 1 of 1
Country (United States) 3 of 4
Year (2013) 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-05-02 International Coal Group

Scott Depot, West Virginia, United States

International Coal Group, Inc. is a producer of coal in Northern and Central Appalachia and the Illinois Basin. The company has 13 active mining complexes, of which 12 are located in Northern and Central Appalachia and one in Central Illinois. ICG's mining operations and reserves are strategically located to serve utility, metallurgical and industrial customers domestically and internationally.

Buy $3.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-10 Patriot Coal - Guffy property

United States

Patriot Coal - Guffy property reserves are owned in-fee, are contiguous to Arch's Tygart Valley reserves and the Leer mine, and are of comparable quality to Leer's high-volatile "A" metallurgical coal reserves. The addition of the Guffy reserves will enable Arch to recover up to an incremental 8 million tons of metallurgical coal at the Leer mine, thereby extending the estimated mine life of Leer by nearly three years.

Buy $16M
SELLER

ITOCHU Coal International

United States

Category Company
Sector Metals/Mining
DESCRIPTION

ITOCHU Coal International, Inc. is a coal producer in US.


DEAL STATS #
Overall 1 of 1
Sector (Oil/Gas Exploration) 1 of 1
Type (Divestiture) 1 of 1
State (Utah) 1 of 1
Country (United States) 1 of 1
Year (2013) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1996-12-20 Canyon Fuel

Midvale, Utah, United States

Canyon Fuel owns and operates two longwall mines in Utah - Sufco in Sevier County and Dugout Canyon in Carbon County. In addition, the company owns the currently idle Skyline mine, which also is located in Carbon County. In total, Canyon Fuel controls approximately 161 million tons of high-quality, low-sulfur coal reserves in Utah.

Buy -