Agnico Eagle Mines Limited acquired Yamana Gold - Canadian assets (with Pan American Silver) for Agnico contributed US$1.0 billion cash + 36,089,907 Agnico shares (part of the ~US$4.8 billion joint Pan American/Agnico acquisition of Yamana; ~US$5.02 per Yamana share).
Agnico Eagle teamed with Pan American Silver on a definitive binding offer to acquire Yamana Gold, under which Pan American took Yamana's shares while Agnico acquired the subsidiaries holding Yamana's Canadian assets - most importantly the remaining 50% of the Canadian Malartic mine. Agnico's contribution was US$1.0 billion in cash plus about 36.1 million Agnico shares; the combined offer valued Yamana at roughly US$5.02 per share. Yamana's board deemed it a 'Superior Proposal' over an earlier all-stock Gold Fields agreement. The arrangement completed on March 31, 2023, giving Agnico 100% of Canadian Malartic plus the Wasamac project and other Abitibi exploration ground.
Consolidating full ownership of Canadian Malartic and expanding in the Abitibi extended Agnico's strategy of operating where it holds a competitive advantage - over 50 years of regional experience - and let it optimize the asset and future mill capacity using existing infrastructure and people.
This transaction is a continuation of Agnico Eagle's strategy to operate in regions where we believe we have a competitive advantage, in this case over 50 years of operating history. The full integration of the Canadian Malartic team and landholdings into our operational base in the region would enhance our Abitibi operating platform, placing Agnico in the unique position to further optimize the asset and unlock potential value through exploration and the leveraging of existing infrastructure, people and regional relationships.
Advisory firms were not disclosed for this transaction.