representative work

Yamana Acquired by Pan American and Agnico for US$4.8 Billion


On March 31, 2023, Pan American Silver Corp. completed the acquisition of all of the issued and outstanding common shares of Yamana Gold Inc., following the sale by Yamana of its Canadian assets, including Yamana’s interests in the Canadian Malartic mine, to Agnico Eagle Mines Limited, by way of a plan of arrangement under the Canada Business Corporations Act.

Pursuant to the arrangement, Yamana shareholders received US$1.0406 in cash paid by Agnico Eagle, 0.0376 of a common share of Agnico Eagle and 0.1598 of a common share of Pan American for each Yamana share held, for an aggregate of approximately US$1 billion in cash, 36,177,931 Agnico Eagle shares and 153,758,280 Pan American shares. Upon closing, existing Pan American shareholders own approximately 58% of the Pan American shares and former Yamana shareholders own approximately 42% of the Pan American shares.

Cassels acted as external counsel to Yamana.