SunCoke acquires Phoenix Global for $325M cash; deal implies 5.4x EBITDA, expected H2 2025

SunCoke Energy, Inc.

Base purchase price $325M in cash, funded from existing cash and undrawn revolver.
Implied multiple of 5.4x LTM Adjusted EBITDA of $61M as of 3/31/25.
Expected annual synergies of $5M-$10M; acquisition immediately accretive.
Expands into EAF and international markets; long-term fixed-revenue contracts limit commodity exposure.
Transaction expected to close in H2 2025; 80% of Phoenix unitholders already support; HSR and Romanian FDI conditions apply.

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