Knife River subsidiary to acquire Strata Corp, Glacier Resources, and Landmark assets for $454M cash

Knife River Corp

KRC Holdings, a Knife River subsidiary, to buy 100% of Strata and Glacier equity and certain Landmark assets for $454M in cash, subject to purchase price adjustments.
Financing from cash on hand and new long-term debt; deal subject to HSR Act clearance and other customary closing conditions.
Termination fee of $15M payable by Buyer if deal fails due to regulatory injunction or outside date expiry; sellers may terminate under certain conditions.
Sellers include equity holders of Strata and Glacier and owners of Landmark; parties made customary representations, warranties, and indemnification commitments.
Acquisition expected to close after satisfaction of conditions; pre-closing restructuring required for Glacier Resources ownership.

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