Kirkland Lake Gold Agrees to Buy Detour Gold in $4.9 Billion All-Stock Deal

Kirkland Lake Gold Inc.

KGI is an operating and exploration gold Company in Kirkland Lake, Ontario which is located in the Lower Abitibi Greenstone belt in northeastern Ontario.

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Kirkland Lake Gold Agrees to Buy Detour Gold in $4.9 Billion All-Stock Deal

posted on Nov 25, 2019 08:40PM

2019-11-25 07:18:00 AM ET (MT Newswires)

07:18 AM EST, 11/25/2019 (MT Newswires) -- Gold producer Kirkland Lake Gold (KL.TO) has agreed to buy gold miner Detour Gold (DGC.TO) by way of a plan of arrangement, Kirkland said in a statement Monday.

Under the deal, each Detour Gold share will be exchanged for 0.4343 Kirkland Lake share, which implies a consideration of $27.50 per share, or $4.9 billion. Compared to Detour Gold's closing price on Friday, the offer represents a 24% premium.

Kirkland said the acquisition of Detour Gold is expected to be immediately accretive to cash flow per share and net asset value per share. The directors of the respective companies expressed their support and will vote in favor the transaction, it added.

KL fell 2% on Friday to $63.32, while dropped 1.7% to $22.21.

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