Primary Energy's sale process is winding down and the listed company is expected to garner a rich EBITDA multiple of 8 to 10 times. This could result in a sale price ranging from $200 to $250 million, as it had EBITDA last year of $25 million. Primary hired Moelis in March to seek out prospective buyers and it has received a great deal of interest from both financial and strategic players. Buyers are attracted to the company's steady cash flow and long term contracts with credit worthy counter parties ArcelorMittal and U.S. Steel. Buyers are also attracted to Primary's significant number of carbon credits, which could total $30 million to $50 million if the whole carbon cycle comes through.