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Kirkland Lake Gold to buy Detour Gold for $3.7 billion
By Joe Deaux and Thomas Biesheuvel
Monday, November 25, 2019
Canada's Kirkland Lake Gold Ltd. headed for the biggest slump in Toronto trading in more than four years after announcing a C$4.9 billion ($3.7 billion) agreement to buy Detour Gold Corp.
With an all-share deal, Kirkland will take advantage of a record stock price to acquire the company, which operates the Detour Lake mine in northeastern Ontario. The agreement values Detour at C$27.50 a share, a 24% premium to the closing price on Friday.
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Kirkland's stock price has surged in the three years through Friday, climbing eight-fold, as profits soared. That's put the company in a strong position to expand.
The deal will add to Kirkland's portfolio the Detour Lake gold mine, which is expected to produce for more than 20 years and can generate 600,000 ounces a year. It's about the same size as Kirkland's biggest project, the Fosterville mine in Australia. ...
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