Alpha buying Massey for $7.1 billion
Massey Energy, struggling with losses after an explosion that killed 29 workers at aWest Virginia coal mine, agreed Saturday to be taken over by Alpha Natural Resources.
Abingdon, Va.-based Alpha is paying $7.1 billion in cash and stock for the company, the nation’s fourth-largest coal producer by revenue.
Massey operates 19 mining complexes in Virginia, West Virginia and Kentucky, including the Upper Big Branch mine, where the April 5 disaster occurred.
A sale of Richmond-based Massey was expected even before the sudden retirement last month of chief executive Don Blankenship. He was the strongest advocate on Massey’s board for remaining an independent company.