Deals roundup includes Torys, Stikeman Elliott advising $1-billion sale of Alaskan Utilities
Topping this week’s deals roundup is the $8.5-billion acquisition of Ontario’s Yamana Gold by South Africa-based mining firm Gold Fields, with Cassels Brock & Blackwell as Canadian counsel to Yamana and Fasken Martineau DuMoulin as legal advisor to Gold Fields. Following in value is AltaGas’ $1-billion sale of Alaskan Utilities business unit to TriSummit Utilities Inc., a Canadian natural gas utility and renewable power company. Torys assisted AltaGas and Stikeman Elliott advised TriSummit regarding the transaction.
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.”
Yamana Gold Executive Chairman Peter Marrone said, “This is an outstanding opportunity for our shareholders, employees and the local communities in which we operate throughout the Americas. The Transaction delivers an immediate and compelling premium for Yamana Shareholders, reflecting the inherent fair value of our assets, while also offering an opportunity to benefit from the creation of a new global gold producer with an attractive value proposition.”
The transaction is expected to close in the second half of 2022.
Energy infrastructure company AltaGas signed an agreement to sell its Alaskan Utilities to TriSummit Utilities Inc., a Canadian natural gas utility and renewable power business, for approximately $1 billion.
The transaction will include AltaGas’ 100 percent share in Alaska’s large-scale domestic gas distribution company ENSTAR Natural Gas and 65 percent indirect share in state-regulated commercial natural gas storage facility Cook Inlet Natural Gas Storage Alaska (CINGSA), along with other unregulated assets.
Torys is acting as legal counsel to AltaGas while RBC Capital Markets and Scotiabank are the co-financial advisors.
Stikeman Elliott and Latham & Watkins are acting as legal advisors to TriSummit, with Deloitte LLP as advisor for M&A transaction services and CIBC Capital Markets as exclusive financial advisor.
“We believe the valuation reflects the strong long-term performance of the Alaskan platform, which has a long history of delivering safe, reliable and affordable energy to its customers, operating with an industry-leading safety record, and driving positive outcomes for all of its stakeholders,” AltaGas president and CEO Randy Crawford said. “We believe that TriSummit will be an excellent steward to the Alaskan Utilities’ stakeholders in the next chapter of its corporate life, along with the continued direction from the highly capable Alaskan senior leadership team and the dedicated employees that will be joining TriSummit post-closing.”
“We are excited to announce this transaction and look forward to welcoming the ENSTAR team to TriSummit,” TriSummit president and CEO Jared Green said. “The dedication and culture of ENSTAR, which is very similar to TriSummit, has provided them with a solid track record and makes this an excellent fit for TriSummit. Our top priority is ensuring a smooth transition, maintaining the strong relationships ENSTAR has in its communities, and to fully support ENSTAR as they continue to provide customers with safe, reliable and affordable service.”
The transaction is anticipated to close no later than the first quarter of 2023.
Upon deal completion, AltaGas’ remaining utilities will be concentrated in the Eastern US, including Maryland, Virginia, Michigan, and the District of Columbia.
B2Gold Corp., a low-cost international senior gold producer based in Vancouver, Canada, has agreed to acquire Australian mineral exploration firm Oklo Resources Ltd. for approximately $81 million.
King & Wood Mallesons is acting as the Australian legal counsel to B2Gold.
Thomson Geer is acting as legal advisor to Oklo Resources, with Taylor Collison as the corporate advisor.
Oklo’s Managing Director, Simon Taylor, said, “Considering B2Gold’s compelling offer along with the risks involved in Oklo pursuing a “go it alone” strategy, the Board has resolved that the opportunity to combine with a well-funded, substantial multi-asset gold producer represents a highly attractive outcome for Oklo shareholders. B2Gold has proven operating capabilities in Mali and the Oklo Directors are proud to be handing the Dandoko Project over to a new custodian with confidence.”
