Mar 6, 2011 7:49pm EST
NEW YORK (Reuters) - Magnetar Capital announced on Sunday that it has entered into an agreement with James River Coal Company (JRCC.O) to sell International Resource Partners LP (IRP), a metallurgical and steam coal company, for a cash transaction value of $475 million.
The transaction is expected to close in the first half of 2011, subject to various closing conditions.
The agreement will supersede prior plans to complete an initial public offering of IRP, according to a release announcing the plans.
The investment was held by Magnetar's unit Lightfoot Capital Partners LP, which was also the largest limited partner of IRP. Lightfoot was created in 2007 to pursue investments in energy-related businesses and assets.
Magnetar, the alternative investment management firm with in excess of $7.5 billion assets under management, said it expects to continue expanding its energy and natural resource platform, and will continue to support Lightfoot's future growth plans.
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