Westgold Resources acquires Toronto-listed Karora Resources in a A$1.23bn deal, creating a mid-tier gold miner with 400,000 oz annual production.
Westgold Resources has agreed to acquire Toronto-listed Karora Resources in a A$1.23bn ($808m) deal, valuing Karora at a 19% premium to recent trading. The all-scrip transaction sees Karora shareholders receive 2.524 Westgold shares, A$0.68 a share in cash, and 0.30 a share in a new company to be spun off from Karora. The deal aims to create a mid-tier gold miner with an estimated annual production of 400,000 oz and a market cap of around A$2.2bn.
April 08, 2024
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