Endeavour to buy Teranga Gold in deal worth $1.86 billion

Section:

By Thomas Biesheuvel
Bloomberg News
Monday, November 16, 2020

Endeavour Mining Corp., the acquisitive gold producer backed by Egyptian billionaire Naguib Sawiris, agreed to buy Teranga Gold Corp. in the latest deal to reshape the sector.

After Barrick Gold Corp. and Newmont Corp. created behemoths two years ago that dwarf the rest of the industry, other gold miners are trying to consolidate to remain relevant to shareholders. Helped by record gold prices, that has led to a flurry of deals across the sector as smaller producers beef up their scale.

... Dispatch continues below ...



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Endeavour said last week it was discussing a "merger of equals-style" deal with Teranga after the talks were first reported by Bloomberg News. Endeavour is offering a 5.1% premium to Teranga's closing price on Friday, valuing its equity at C$2.44 billion ($1.86 billion), according to Bloomberg calculations. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-11-16/endeavour-mining-to-a...

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