- Pan American Silver (PAAS) completes acquisition of Yamana Gold (YRI)
- The acquisition of Yamana Gold by Pan American Silver increases the scale of Pan American’s operations in Latin America
- The acquisition adds four producing mines to Pan American’s portfolio
- Shares of Yamana Gold will be delisted from the Toronto Stock Exchange as of market close on April 3
- Pan American (PAAS) is down 0.14 per cent to $24.83 as of 10:56 a.m. EDT on Friday. Yamana Gold (YRI) is up 0.50 per cent to C$7.98
Pan American Silver (PAAS) has completed its acquisition of Yamana Gold (YRI).
In a press release, Pan American said the acquisition of Yamana Gold will increase the scale of its operations in Latin America.
The acquisition of Yamana Gold adds four producing mines to Pan American’s portfolio, including the Jacobina mining complex in Brazil; the El Penon and Minera Florida mines in Chile; and the Cerro Moro mine in Argentina.
The acquisition also adds the MARA development project in Argentina to Pan American’s portfolio.
“We expect a material increase in our production of silver and gold, while we continue to provide a preferred way to invest in silver through large silver mineral reserves and growth opportunities, further enhanced by the increase in our market capitalization and trading liquidity. The acquisition is firmly aligned with our strategy of creating value by pursuing attractive growth opportunities, improving operating margins and extending mine life,” Michael Steinmann, CEO of Pan American, said in a release.
Under the terms of the agreement, Yamana shareholders received US$1.0406 in cash paid by Aginco Eagle, a 0.0376 common share of Agnico EAgle and 0.1598 common shares of Pan American.
Yamana shareholders received over $1 million in cash, 36.17 million Agnico Eagle shares and 153.75 million Pan American shares.
Following the closing of the acquisition, existing Pan American shareholders own roughly 58 per cent of the Pan American shares while former Yamana shareholders own the remaining 42 per cent.
Shares of Yamana Gold are now expected to be delisted from the Toronto Stock Exchange as of market close on April 3.
Pan American (PAAS) is down 0.14 per cent to $24.83 as of 10:56 a.m. EDT on Friday. Yamana Gold (YRI) is up 0.50 per cent to C$7.98.
