Gold Fields announces US$6.7 billion acquisition of Yamana Gold
Torys is acting as counsel to Scotiabank as financial advisor to the board of directors of Yamana Gold with a team that includes Michael Amm and Daniel Masliyah (corporate/M&A).
On May 31, 2022, Gold Fields Limited and Yamana Gold Inc. announced that they entered into a definitive arrangement agreement, under which Gold Fields will acquire all of the outstanding common shares of Yamana pursuant to a plan of arrangement. Under the arrangement, each Yamana share will be exchanged for either 0.6 of an ordinary share of Gold Fields or 0.6 of a Gold Fields American depositary share, resulting in an implied valuation of Yamana of US$6.7 billion and representing a premium of 33.8% based on Yamana’s and Gold Field’s 10 day volume weighted average share prices on the New York Stock Exchange as of May 27, 2022, being the last trading day on the NYSE prior to the announcement of the transaction.
The transaction has been unanimously approved by the Board of Directors of both companies and is expected to close in the second half of 2022, subject to and following the satisfaction of the conditions precedent to the transaction.
Further information can be found on Globe Newswire’s website.
Yamana is a Canadian-based precious metals producer with significant gold and silver production, development stage properties, exploration properties, and land positions throughout the Americas, including Canada, Brazil, Chile and Argentina.
Gold Fields is a globally diversified gold producer with nine operating mines in Australia, Chile, Ghana, Peru and South Africa.