Business
Newmont Enters into Definitive Agreement to Acquire Newcrest
Setting the Standard for Safe, Profitable and Responsible Gold and Copper Production from a World-Class Portfolio of Top-Tier Operations Newmont has agreed to
About this update from Newmont Corporation
[{"type":"text","content":"Setting the Standard for Safe, Profitable and Responsible Gold and Copper Production from a World-Class Portfolio of Top-Tier Operations Newmont has agreed to acquire Newcrest by way of an Australian Scheme of Arrangement (“Scheme”), under which Newmont will acquire 100 percent of the issued shares in Newcrest Mining Limited (“Newcrest”) Newcrest shareholders to receive 0.400 Newmont shares (or 0.400 Newmont CDI1) for each Newcrest share and a special dividend of up to $1.10 per share paid by Newcrest, representing a 30.4 percent premium2 Further strengthens Newmont’s position as the responsible gold mining leader through the combination of high-quality operations, projects and reserves concentrated in low-risk jurisdictions, including 10 Tier 1 operations that will support decades of safe, profitable and responsible gold and copper production3 Complementary businesses create substantial opportunities for optimization; estimated annual pre-tax synergies of $500 million expected to be achieved within first 24 months4 Highly accretive for Newmont shareholders upon closing, with opportunity to enhance near-term cash flows, targeting at least $2 billion in the first two years after closing through portfolio optimization5 Maintaining Newmont’s balanced capital allocation priorities and industry-leading dividend framework, which has returned over $4.5 billion to shareholders since established in October 2020 The Scheme is unanimously recommended by the Board of Directors of Newcrest, subject to no superior proposal emerging for Newcrest and the Independent Expert concluding that the transaction is in the best interests of Newcrest shareholders The Board of Newmont unanimously recommends6 that Newmont stockholders vote in favor of the required Newmont stockholder resolution Transaction is subject to customary conditions, including shareholder approval, with completion expected in the fourth quarter of 2023 Newmont will host investor webcast and conference call on May 15, 2023 at 8:00 a.m. Eastern Daylight Time (10:00 p.m. Australian Eastern Standard Time) DENVER / May 14, 2023 / Business Wire / Newmont Corporation (NYSE: NEM, TSX: NGT) today announced that following completion of due diligence it has entered into a binding Scheme Implementation Deed (“SID”) under which Newmont will acquire 100 percent of the issued share capital in New...