Consol raises $1.8B in stock offering tied to pair of acquisitions

Consol raises $1.8B in stock offering

CHARLESTON, W.Va. — Consol Energy says it’s raised more than $1.8 billion from an offering of 44.275 million shares of common stock.

The Canonsburg, Pa.-based coal and natural gas company said Wednesday the sale included about 5.8 million shares sold when the deal’s underwriters exercised an option to increase the size of the offering.

Consol says it plans to use the proceeds to help fund a pair of acquisitions.

The company is buying most of the Appalachian oil and gas exploration and production business of Virginia-based Dominion Resources for $3.475 billion. Separately, Consol has agreed to buy the rest of CNX Gas Corp. that it doesn’t already own for approximately $363.4 million.

Most of the Dominion gas business is located in West Virginia.