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December 22, 2017

M&As this week: Orica, Osisko Metals, First Quantum Minerals

Orica has reached an agreement with private equity firm Crescent Capital Partners to acquire GP Holdco (GroundProbe) for a purchase consideration of A$205m ($157.12m). Orica proposes to fund the transaction through existing debt facilities.

Orica has reached an agreement with private equity firm Crescent Capital Partners to acquire GP Holdco (GroundProbe) for a purchase consideration of A$205m ($157.12m). Orica proposes to fund the transaction through existing debt facilities.

All the companies involved in the transaction are based in Australia.

The acquirer company provides mining services and chemical products, while the target company provides radar technology services for open-cut mines.

Osisko Metals has reached an agreement with Pine Point Mining (formerly Darnley Bay Resources) to fully acquire the latter.

A new company named Spinco will be formed to hold the entire assets and liabilities of Pine Point, following the transaction.

Osisko will pay C$0.271 ($0.211) a share and C$0.0677 ($0.0527) a share purchase warrant, pursuant to the terms of the agreement. Each Osisko Metals consideration warrant entitles the holder to acquire one Osisko Metals share at a price of C$1.5 ($1.17) a share for 12 months from the closure date, and one common share of Spinco.

“The consideration is proposed to be paid in four equal tranches of $37.5m each.”

Both companies involved in the transaction are based in Canada.

Osisko Metals is engaged in the exploration and development of zinc projects, while Pine Point Mining is focused on the exploration of lead and zinc.

Osisko has engaged Maxit Capital as financial advisor, and Bennett Jones as legal advisor for the transaction, while Pine Point has engaged Cormark Securities as financial advisor, and Irwin Lowy and Cassels Brock & Blackwell as legal advisors for the transaction.

First Quantum Minerals has reached an agreement with Northern Dynasty Minerals to acquire 50% interest in the latter’s subsidiary Pebble Limited Partnership for $150m. The consideration is proposed to be paid in four equal tranches of $37.5m each.

Based in Canada, First Quantum Minerals is engaged in mineral exploration and development, while Pebble is a US-based provider of engineering design and mine planning services.

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