Cassels, Fasken assist South Africa-based mining firm’s $8.5-billion buy of Ontario’s Yamana Gold
On May 31, Ontario’s Yamana Gold announced that it has agreed to sell to South-Africa-based mining firm Gold Fields for approximately $8.5 billion.
The strategic acquisition is set to combine Gold Fields’ and Yamana’s portfolio of assets and will place Gold Field as a new major player in the global gold mining industry, according to the press release.
Yamana is represented by their in-house counsel that included Sofia Tsakos, Kathleen Caughey and Andrea Moens, and by Cassels Brock & Blackwell as external counsel. Yamana retained Canaccord Genuity Corp., Stifel GMP, and Scotiabank as financial advisors.
Cassels’ team included Mark Bennett, Jamie Litchen, Andrea FitzGerald, Jonathan Chandler, Shannon Scrocchi, Thea Gaertner, Zahra Nurmohamed, Tera Li Parizeau, Ashley Jung, Jennifer Wasylyk, Davit Akman, Tegan O’Brien, Olivia Ells, Laurie Jessome and Becky Langille-Rowe.
Gold Fields has Fasken Martineau DuMoulin LLP, Linklaters LLP and Webber Wentzel as its legal advisors and Merrill Lynch South Africa Ltd. as the sole financial advisor.
“Yamana’s high-quality asset base in the Americas and strong development and exploration pipeline will further diversify the geography of our portfolio, creating a top-4 global gold major, well positioned to deliver long-term value creation. Combined, Gold Fields will boast an industry leading portfolio of high-quality, long-life flagship assets that span some of the world’s most established gold mining jurisdictions,” Gold Fields CEO Chris Griffith said. “Like Gold Fields, Yamana is focused on operational delivery, disciplined capital allocation, portfolio management, maximising shareholder returns, and upholding leading sustainability, safety and ESG performance. These shared priorities are foundational to this Transaction.”
The transaction is expected to close in the second half of 2022.