Market Updates
Newmont Sealed $19 Billion Deal to Buy Australia Based Newcrest Mining
Scott Peters
15 May, 2023
New York City
Newmont Corporation increased 1.4% to $46.60 after the company and Australia-based Newcrest Mining Ltd reached a binding agreement to proceed with the proposal to acquire 100% of Newcrest.
Newmont agreed to pay 0.4 of Newmont share for each Newcrest share held and shareholders will be entitled to receive a special dividend of up to US$1.0 a share just ahead of the completion of the deal.
After considering the full amount of the special dividend, the deal value Newcrest Mining at A$29.27 a share an implied equity value of A$26.2 billion and enterprise value for Newcrest of A$28.8 billion
Newcrest shareholders will own 31% of the combined group and values the company at a 30.4% premium to Newcrest’s closing price of A$22.45 per share on February 3, before the first announcement of the deal.
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