James River Coal said on Sunday that it has agreed to buy two coal companies, International Resource Partners and Logan & Kanawha Coal, for $475 million in cash.International Resource Partners, which produces coal for fuel and for steel-making, originally planned on staging an initial public offering before choosing a sale to James River, its chief owner, Magnetar Capital, said in a statement.
International Resource Partners draws its coal from West Virginia and Kentucky, and also owns rail facilities in those two states. Read more….