On November 8, 2022, Yamana Gold Inc. entered into an arrangement agreement with Pan American Silver Corp. and Agnico Eagle Mines Limited for the acquisition by Pan American of all of the issued and outstanding common shares of Yamana and the sale by Yamana of its Canadian assets, including the Canadian Malartic mine and Wasamac development project, to Agnico, by way of a proposed plan of arrangement under the Canada Business Corporations Act.
Total consideration payable to Yamana shareholders consists of US$1.0 billion in cash, approximately 153.5 million common shares of Pan American and approximately 36.1 million common shares of Agnico for an implied transaction value of approximately US$4.8 billion. Shareholders of Yamana will receive US$1.0406 in cash, 0.1598 of a Pan American common share and 0.0376 of an Agnico common share for each Yamana common share held.
The Pan American – Agnico – Yamana agreement became effective upon the termination of the arrangement agreement entered into between Yamana and Gold Fields Inc. on May 31, 2022 and following the determination by the Yamana Board that the Pan American – Agnico – Yamana transaction constitutes a superior proposal to the Gold Fields transaction.
Cassels is acting as external counsel to Yamana.