Equinox Gold Corp. agreed to acquire Calibre Mining Corp. in a $2.6 billion (US$1.8 billion) all-stock deal that will give it additional production of the precious metal in the U.S. and Nicaragua.
The combined company is expected to be Canada’s second-largest producer of the metal, the two miners said in a statement late Sunday.
Shareholders will receive 0.31 of an Equinox share for each Calibre share. Equinox’s stock rose 0.7% to $6.87 at 8:51 a.m. in pre-market trading in New York.
The proposed acquisition follows a spate of other gold deals over the last year, including Gold Fields Ltd.’s purchase of Osisko Mining Inc. and AngloGold Ashanti Ltd.’s acquisition of Centamin Plc. Gold miners are generating bumper profits on soaring bullion prices, which have rallied to a record over the past year and currently hover close to $3,000 an ounce.
BMO Capital Markets and GenCap Mining Advisory are financial advisers to Equinox on the deal. Blake, Cassels & Graydon LLP is its legal adviser. Trinity Advisors Corp. and Canaccord Genuity Corp. are Calibre’s financial advisers and Cassels Brock & Blackwell LLP is its legal adviser.
Jacob Lorinc, Bloomberg News
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