Investor Alert

Dow Jones Newswires Archives | Email alerts

Sept. 28, 2021, 6:53 a.m. EDT

Gold Miners Agnico Eagle Mines, Kirkland Lake Gold to Combine

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

or Cancel Already have a watchlist? Log In

By Colin Kellaher

Agnico Eagle Mines Ltd. and Kirkland Lake Gold Ltd. on Tuesday said they have agreed to combine in all-stock deal to create a Canadian mining company with an implied market capitalization of around $24 billion.

The Toronto miners said the combined company, which will operate under the Agnico Eagle Mines name, would have $2.3 billion of available liquidity, a mineral reserve base of 48 million ounces of gold, and an extensive pipeline of development and exploration projects to drive sustainable, low-risk growth.

Under the agreement, Agnico would issue 0.7935 shares for each share of Kirkland. The companies said the deal represents a roughly 1% premium to Kirkland's 10-day volume weighted average price on the Toronto Stock Exchange through Friday.

Agnico shareholders would own about 54% of the combined company, while Kirkland shareholders would own roughly 46% upon completion of the deal, expected in December or in the first quarter of 2022.

Write to Colin Kellaher at colin.kellaher@wsj.com

This Story has 0 Comments
Be the first to comment
More News In
Dow Jones Newswires

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.