Peabody’s Joint Venture with Arch

On June 19, 2019, Peabody Energy Corporation (“Peabody”) and Arch Coal, Inc. (“Arch”) announced that they have entered into a definitive agreement to create a joint venture combining the companies’ respective Powder River Basin (Wyoming and Montana) and Colorado assets. The joint venture will be 66.5% owned by Peabody and 33.5% owned by Arch, and Peabody will be the operator. Cravath is representing Peabody in connection with the transaction.

The Cravath team is led by partner Richard Hall and includes associates Andrew M. Wark, Samantha B. Zager and Olivia Ya Huang on M&A matters; partners Christine A. Varney and Julie A. North and senior attorney Jesse M. Weiss on antitrust matters; partner Andrew W. Needham and associate Arvind Ravichandran on tax matters; partner Eric W. Hilfers and associate Sally Ye on executive compensation and benefits matters; and partner Matthew Morreale and senior attorney Annmarie M. Terraciano on environmental matters. Summer associate Jason O. Rooindej also worked on M&A matters.