Global law firm White & Case LLP has advised longtime client Newmont Corporation on its entry into a binding scheme implementation deed under which Newmont will acquire 100 percent of the issued share capital in leading gold mining company Newcrest Mining Limited by way of an Australian court-approved scheme of arrangement.
Under the terms of the deal, Newmont will acquire all outstanding Newcrest shares and Newcrest shareholders will receive 0.400 Newmont shares for each Newcrest share held. Newcrest will also fund and pay to its shareholders a special dividend of up to US$1.10 per Newcrest share, conditional on the scheme becoming effective.
Upon closing, and based on current market prices, the implied equity value of Newcrest is A$26.2 billion, including the dividend, with an enterprise value of A$28.8 billion (approximately US$19.3 billion). The transaction would be the largest acquisition in the gold mining industry.
The transaction is another significant milestone for White & Case supporting longtime client Newmont in its most important strategic matters. The deal follows White & Case's representation of Newmont on its strategic acquisition of Goldcorp in 2019, as well as regular corporate and capital markets advice.
The White & Case team was led by M&A partners Gregory Pryor and Kristen Rohr (both in New York), and Capital Markets partners Laura Sizemore (London) and David Johansen (New York). The team also included M&A associates Luis Leos (Houston) and Shirley Zhang (New York); Antitrust partners Rebecca Farrington (Washington, DC) and Axel Schulz (Brussels), and associates Joao Lacerda (London) and Tommaso Poli (Brussels); Foreign Direct Investments partners Orion Berg (Paris) and Farhad Jalinous (Washington, DC); Capital Markets partner Elodie Gal, and associates Elizabeth Mapelli (both in New York) and Adrien Dumoulin-Smith (Paris); Tax partner Scott Fryman (New York); Project Development and Finance partner Rebecca Campbell, and associates James Foo and Eric Burke-Arevalo (all in London); Employment, Compensation & Benefits partner Henrik Patel and counsel Aaron Feuer (both in New York); and International Trade associate Tim Sensenig (Washington, DC). Law clerks Jacquie Smith and Sabah Khokhar also assisted on the matter.
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