Agnico Eagle Mines Limited acquired Osisko Mining Corporation (Canadian Malartic, 50% with Yamana Gold) for C$3.9 billion total (~C$8.15 per share); Agnico Eagle and Yamana each acquired 50%.
Agnico Eagle and Yamana Gold agreed to jointly acquire 100% of Osisko Mining for total consideration of about C$3.9 billion, or C$8.15 per share, through a 50/50 joint acquisition entity. Consideration comprised roughly C$1.0 billion cash, about C$2.33 billion in Agnico and Yamana shares, and shares of a newly created 'Spinco' (Osisko Gold Royalties). Osisko's flagship was the Canadian Malartic mine in Quebec, one of Canada's largest gold mines, which the two companies then jointly operated. The friendly agreement topped a hostile bid from Goldcorp.
The acquisition added a fourth producing mine in Quebec and made Agnico the province's largest gold producer, extending a home region where it had operated for roughly 50 years while sharing the cost and risk with a partner.
Agnico Eagle has approximately 50 years of operating history in Quebec, and over that time the company has continued to expand its mining presence in a measured and systematic way. This transaction further enhances our Quebec operating platform through the addition of a fourth producing mine. With this acquisition, Agnico Eagle will become Quebec's largest gold producer, which demonstrates our commitment to Quebec and various stakeholders in the Province.
Advisory firms were not disclosed for this transaction.